Luanda - Angola defended Tuesday the need for the States Parties to the African Continental Free Trade Area (AfCFTA) to speed up its implementation.
Speaking in Niamey, Niger, at the 17th Extraordinary Summit on Industrialization and Economic Diversification in Africa, the secretary of State for Foreign Affairs, Esmeralda Mendonça, defended the conclusion of the first phase of negotiations on rules of origin, which are stagnant in essential sectors of the economies, such as textiles, garments and automobiles.
The Angolan official revealed that her country has submitted offers in the merchandise trade and services segments of the AfCFTA as a sign of its government's engagement in this continental integration agenda.
A note from the Angolan Foreign Affairs Ministry sent Wednesday to ANGOP stresses that the secretary of State used the event to provide information on the 10th Summit of Heads of State and Government of the Organization of African, Caribbean and Pacific States (OEACP), to be held on December 6 to 10, in Luanda.
The note adds that the minister of State for Economic Coordination, Manuel Nunes Junior is also expected to arrive in Niamey to represent President Lourenço at the Extraordinary Summit on Industrialization and Economic Diversification in Africa and on the Free Trade Area of the African Continent to be held on Friday.
The AfCFTA is an African bloc that aims to boost trade among its members by reducing/eliminating customs barriers and accelerating the continent's industrialization.
Of the 55 countries in the African Union, 38 have ratified the agreement and 36 (including Angola) have deposited their instruments of legislation.
These instruments regulate rules of origin and destination, tariff designs, local legislation, and adaptation of customs procedures so that trade can begin.
Forecasts by the World Bank (WB) group indicate that the implementation of the AfCFTA could take 30 million people out of extreme poverty and another 68 million out of moderate poverty by 2035.
The gains from this customs agreement, according to the WB group, could reach USD 450 billion anchored by long-term reforms and integration.
