FREE TRADE AREA STARTS 2020
THE Africa Continental Free Trade Agreement (AfCTA) whose objective is to accelerate regional economic, political and social integration will come into effect in July, next year.
The objective of the AfCFTA which was launched in March, 2018, by the African Union Commission (AUC) is to accelerate regional economic, political and social integration through the establishment of a free trade area aimed at substantially removing all restrictions to trade and investment on the African continent.
Zambia signed the AfCFTA agreement on February 10 2019 and is expected to deposit its instruments of ratification before the end of this year.
Meanwhile, the Consumer Unit trust Society (CUTS) has called on the Government to develop a national implementation strategy aimed at harnessing the full potential of the AfCFTA.
CUTS Programme Officer, Ishmael Zulu stated that it was cardinal for the Zambia to craft a strategy that was in accordance with specific country's priority areas under the continental free trade pact.
According to Zambia’s implementation strategy, sectors identified as priority sectors for investment promotion included manufacturing, construction, agriculture, tourism, education, energy, ICT and health.
He said the identified sectors are key in the realisation of trade diversification and job creation.
‘’In addition to this, however, there is a need to also take a look at the sectors of our economy that may be negatively affected by the AfCFTA,’’
Mr. Zulu noted that certain industries was not going to be able to compete with the imports from other countries and that it was important to thoughtfully consider how best Zambia was going to mitigate some of the negative impacts.
He further advised the need to ensure that there was increased public awareness of the AfCFTA and the impact that it would have on ordinary citizens.
In addition to this, however, there is a need to also take a look at the sectors of our economy that may be negatively affected by the AfCFTA,
— Mr Zulu.