Mozambique to become full member of AfCFTA in January

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Mozambique to become full member of AfCFTA in January

12:57 CAT | 30 Oct 2024

File photo: Notícias

Mozambique will become a full member of the African Continental Free Trade Area (AfCFTA) in January next year. It will then begin to enjoy the business opportunities that this platform offers member countries, particularly in terms of internationalisation and production specialisation.

The announcement was made this week in Maputo by the Minister of Industry and Commerce, Silvino Moreno, who added that Mozambique’s entry is also an opportunity to increase investment with an impact on the trade balance, in line with the Government’s Five-Year Programme.

Silvino Moreno said that AfCFTA complements other projects that mutually reinforce support for trade and investment, especially given that the continental free trade market projects an increase in intra-African trade from minus 12% in 2013 to over 50% in 2045, as well as an increase in Africa’s share of global trade from two to 12 percent.

In order to ensure entry into this market, the government approved the Resolution on Mozambique’s Tariff Offer and the National Strategy for the Implementation of the Agreement establishing AfCFTA.

With these instruments, the executive intends to access the AfCFTA Adjustment Fund, which assists states in implementing the agreement.

The measure will also see Mozambique join the AfCFTA Guided Trade Initiative, aiming to create opportunities in Africa, through economic operators from countries that have already submitted their tariff offers and that already carry out commercial transactions in the various value chains.

Looking forward, Minister Moreno called on domestic companies to take greater advantage of this platform by investing in the certification of their brands and products, essential elements to enjoy the advantages and opportunities of the market.

The African Continental Free Trade Area (AfCFTA) agreement creates the largest free trade area in the world measured by the number of countries participating. The AfCTA pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.

Source: Notícias