{"id":466297,"date":"2019-07-08T10:17:57","date_gmt":"2019-07-08T09:17:57","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=466297"},"modified":"2019-07-08T10:17:57","modified_gmt":"2019-07-08T09:17:57","slug":"uns-amina-mohammed-pledges-full-support-as-africa-begins-to-implement-afcfta","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2019\/07\/08\/uns-amina-mohammed-pledges-full-support-as-africa-begins-to-implement-afcfta\/","title":{"rendered":"UN\u2019s Amina Mohammed pledges full support as Africa begins to implement AfCFTA"},"content":{"rendered":"
<\/div>

United Nations Deputy Secretary-General, Amina J Mohammed, on Sunday pledged the UN\u2019s full support to the African Union as nations begin to earnestly operationalise the landmark African Continental Free Trade Area (AfCFTA) that is expected to unleash the continent\u2019s all-inclusive economic potential.<\/p>\n

In remarks to the 12th<\/sup>extraordinary session of the African Union on the AfCFTA, Ms. Mohammed said the UN stands ready to work in partnership with African countries as they move to implement the historic and game-changing AfCFTA.<\/p>\n

\u201cWe are already working with 16 African governments to develop national strategies to maximise the opportunities created by this agreement, and we will increase this number from next year,\u201d she told the summit.<\/p>\n

\u201cWe are committed to working with African institutions to mobilize the resources that will be required for full implementation of the African Continental Free Trade Area. In the first instance, the African Regional Integration Trust Fund will support countries to mobilize resources to finance regional integration.\u201d<\/p>\n

Ms. Mohammed said the UN will work with the African Union to coordinate and leverage complementary funding sources from the African Development Bank\u2019s Africa50 Fund, to the African Union\u2019s Programme for Infrastructure Development in Africa (PIDA), and China\u2019s Belt and Road Initiative.<\/p>\n

The United Nations Economic Commission for Africa (ECA), she said, is supporting the process of mainstreaming gender and youth employment initiatives into national strategies.<\/p>\n

\u201cThis will help to ensure that trade policy is both gender-sensitive and responds to demographic realities, thereby contributing more fully to sustainable development,\u201d the UN Deputy Chief said.<\/p>\n

\u201cTrade can contribute to either widening or closing inclusion and gender gaps, depending on how the process is managed. So we are also working with governments to counterbalance the distributional and gender-differentiated effects of trade liberalization.\u201d<\/p>\n

Ms. Mohammed said it was essential to act now, not only to ensure that women benefit from the AfCFTA but also the African youth given the demographic challenges facing the continent.<\/p>\n

She told the African leaders gathered for the landmark occasion to officially launch the AfCFTA that entry into force of the accord was a momentous step.<\/p>\n

\u201cBut as you have recognised, it is a first step. Realizing its full potential will require changes and improvements in several important areas, including infrastructure development, capacity to export, and non-tariff barriers,\u201d Ms. Mohammed added.<\/p>\n

The African Union\u2019s Phase II of the AfCFTA negotiations will tackle competition, investment, and intellectual property rights, which the UNDSG said were some of the regulatory obstacles that create dysfunction in integrated markets.<\/p>\n

\u201cI urge you to move decisively and quickly during the transitional period up to 1 July 2020 to reap the rewards of this historic agreement,\u201d she said, adding Africans should take particular pride in reaching this agreement at a time of growing protectionism and rising trade tensions that threaten economic stability and progress around the world.<\/p>\n

From free trade to climate change and migration, African countries and regional organizations are developing progressive policies that demonstrate global responsibility and forge a new path for multilateralism and sustainability, Ms. Mohammed said.<\/p>\n

\u201cThe entire United Nations System will continue to support African countries as you accelerate the continent\u2019s development. Together, we will realize our shared vision of Agenda 2063 and the Sustainable Development Goals, leaving no one behind,\u201d she added.<\/p>\n

The world\u2019s largest free trade area, encompassing 54 countries and 1.2 billion people the AfCFTA will bring the promise of trade-led economic growth closer to reality for Africa\u2019s entrepreneurs, industrialists, investors, innovators and service suppliers, said Ms. Mohammed.<\/p>\n

\u201cIt will create jobs and contribute to technology-transfer and the development of new skills; it will improve productive capacity and diversification; and it will increase African and foreign investment,\u201d she said.<\/p>\n

\u201cPerhaps most important of all, the African Continental Free Trade Area demonstrates the common will of African countries to work together to achieve the vision of the Africa Union\u2019s Agenda 2063: The Africa We Want.\u201d<\/p>\n

It is a tool to unleash African innovation, drive growth, transform African economies and contribute to a prosperous, stable and peaceful African continent, as foreseen in both Agenda 2063 and the 2030 Agenda for Sustainable Development, Ms. Mohammed added.<\/p>\n

Nigeria and Benin signed the historic agreement during the opening session of the summit.<\/p>\n

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