Johannesburg - Deputy President Paul Mashatile says the continent is moving in the right direction for a single African market.
Mashatile was speaking during the African Continental Free Trade Area Business Forum (AfCFTA) at the Cape Town International Convention Centre.
Providing closing remarks at the event, he said that the continent was well on its way to creating the world's largest single free trade area, with 1.3 billion people and a Gross Domestic Product of $3.4 trillion.
"This represents an important step forward, which must culminate in the ratification of the AfCFTA instrument by all AU member states. The implementation of the AfCFTA will improve intra-African trade, the continent’s share and participation in global trade, stimulate and improve her economy, and contribute to lifting millions of people out of poverty," Mashatile said.
He highlighted that the free trade area held the potential to inject $450 billion worth of investments into the African economy and help lift between 50 and 100 million people out of poverty by 2035.
"This would represent a significant improvement to the economy and the quality of life of the people," he said.
Referencing the Secretary-General of the United Nations Conference on Trade and Development, Rebeca Grynspan, he pointed out that she said Africa boasts $21.9bn of untapped export potential.
He did, however, point out that the quality of much of the continent’s maritime, road, and railway infrastructure is less than satisfactory.
"There are few road links, general poor road infrastructure maintenance, and limited regional road linkages throughout the continent’s five regions," he said.
Mashatile added that social and political stability was one of the success factors of the AfCFTA. War and peace had a very direct and material impact on the success of continental initiatives like the AfCFTA.
“This is why our heads of state and government adopted the May 2013 Solemn Declaration, which committed the continent to silence the guns by 2020. The fact that the guns are still firing should tell us that we should spare no effort in the quest for peace," he said.
However, he said that South Africa was deeply concerned about the fighting that broke out in Sudan over the weekend between the Sudanese Armed Forces and the Rapid Support Forces.
"We are particularly concerned about the rising civilian loss of life, the destruction of private and public infrastructure, and the likely humanitarian disaster that is likely to arise with the entrapment of civilians in their houses with no access to food and other basic necessities. Equally concerning is the impact of the conflict on Sudan’s neighbours.
“South Africa fully supports the decision of the African Union Peace and Security Council at its 1 149th meeting, held in Addis Ababa, Ethiopia, on April 16, 2023, on the situation in Sudan," said Mashatile.
The Star