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African Experts Back ‘’Made In Africa Model’’ To Boost Continental Free Trade Area

10.10.2018
To meet up with today’s market challenges, boost intra-African trade, and the movement of goods and services, African presidents and stakeholders have designed a platform dubbed ‘’Continental Free Trade Area’’ (CFTA), aimed at promoting ‘business deals’ and enhancing mobility of goods and services across African nations. Business magnates and experts have been advocating for the immediate application of the CFTA to boost economic growth and development. To this effect, they have called upon the African Youth to consume home made products. These experts believe that the youth constitute the largest market.

The Continental Free Trade Area (CFTA) is a continent-wide freetrade agreement

Concerned about sharing their own quota in nation building and seeing an independent Africa; the continent’s endowed business class have urged African Youths to change their mentality and to give priority to what is African in products this according to them will foster the rapid implementation of the continental free trade area agreement.

Acknowledging that African youth make up about 70% of the population, these business men, experts, and entrepreneurs have therefore challenged the youth to embrace and give special concern to ‘’made in Africa’ produce. Statistics show that Africa spends a sum of $400 billion annually on food and clothing.

The ‘’made in Africa first’’ project recently became an area of concern during a round table talk on the Continental Free Trade Area at ‘’Connekt Africa Summit’’ in Rwanda’s capital city Kigali. This year’s summit ran from October 8th to 10th, 2018, under the theme ‘’Connekting Youth for Continental Transformation”.

The stakeholders used this platform to showcase the advantages of the CFTA. According to these experts, if African Youths can adopt a ‘’consumer mindset shift, Materializing the CFTA will not be a major challenge. Managing Director of Suguba Ltd Issam Chleuh said, “We need to have a consumer mindset shift. If today Africans decided that we are going to consume Made-in-Africa before anything else, it would be one big way to push African products to a desired level.

”The Continental Free Trade Area’’

The ‘’Continental Free Trade Area’’ CFTA became a reality in early 2018, when African presidents and governments inked the deal that seeks to promote connectivity and ensure free movement of goods and services within the sub regions of the continent. In their quest to make the 2063 agenda successful, African leaders believe the CFTA will boost intra African trade, which will sequentially spur economic growth. The historic deal remains largely at the signing stage; however, some nations like Rwanda have already ratified the deal.

In a nutshell, to contain global competition, there is an urgent need to promote African markets; thus, if African producers or entrepreneurs can improve the quality of their produce, then consumption of locally made goods will be given a first place. Sequentially, the urge or quest for ‘Made-in-Africa’ will be boosted, reducing importation.

 

Sources of Article:

www.newtimes.co.rw/news/experts-advocate-made-africa-model-drive-cfta

www.worldfinance.com/strategy/african-con

 

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