The African Continental Free Trade Agreement (AfCFTA) - A Demonstration of Great Leadership

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I joined Clubhouse last week and the types of questions I have been getting and answering on Clubhouse is primarily why I am writing today's article. It occurred to me that so many more people are just now diving into the information I have been sharing on the African Continental Free Trade Agreement (AfCFTA) for years so I want to use this opportunity to bring my new subscribers up to speed and also direct everyone to resources and where we hold more relevant insights, training and information on this important trade and investment policy.

1. Champion of Trade Award

The team behind the successful creation and launch of the AfCFTA deserves incredible recognition and that was exactly what I had the honor of doing in 2019. As I observed how strong leadership was being demonstrated in unifying Africa under a common mission and vision for a brighter future, I felt I needed to showcase this to the world. No doubt - the current "guards" were moving with such clarity, accuracy and precision right in the face of adversity creating such audacious hope for generations of people.

AfCFTA means so much to not only the current 1 billion Africans but the next 1 billion to be added - by 2050 the population on the African Continent is projected to almost double from currently 1.2 to 2.2 billion. At the helm of affairs of this great mandate to drive economic transformation for the continent is H.E. Ambassador Albert Muchanga, Commissioner Economic Development, Trade, Industry and Mines at the African Union (AU). I had the distinct honor of awarding his team as Champion of Trade during the 2019 edition of the Trade with Africa Business Summit for their tenacity, rigor, strength, courage and collaborative spirit in marching Africa towards a brighter future. During the event, which was held here in Chicago, Ambassador Muchanga also delivered a resounding keynote address on the AfCFTA, held a Q&A session and also handed me a 44-page document on the AfCFTA. Watch below a clip of the award celebration - https://www.youtube.com/watch?v=zim6XpWv7VI


“By creating one African market, we are transforming the African landscape by creating a large market of 1.27 billion people with a growing middle class of 350 million (which is projected to reach 600 million by 2030). This provides an opportunity for economies of scale, large scale and long-term investments. Arising from this, the basic incentive for businesses operating in the AfCFTA is that they will face huge and attractive opportunities”. H.E. Ambassador Albert Muchanga, Speaking at TWA Summit

“We have found in Ambassador Albert Muchanga a leader with a clear vision, tenacity and rigor and on behalf of my generation, it was an honor to have presented the Champion of Trade award to Ambassador Muchanga and his team at the AU” said Toyin Umesiri, CEO Nazaru LLC. and Founder of the Trade with Africa Business Summit.
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While receiving the Champion of Trade Award, Commissioner Muchanga noted that the launch of the African Continental Free Trade Area was the result of teamwork under the Leadership of the Champion of the AfCFTA process; H.E. Issoufou Mahamadou, President of the Republic of Niger and H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission (AUC). In addition, He emphasized the dedication of staff from the Department of Trade and Industry, the collaboration with other Departments within the AU Commission and more important, the unwavering political commitment from AU Member States and the role played by key development partners.

During his keynote he also emphasized:

  1. The many opportunities that the African Continental Free Trade Area brings to investors and traders,
  2. Updated us on the status of implementation of the AfCFTA Agreement
  3. And pointed out what would lie beyond the launch of the operational phase of AfCFTA (this took place Jan 1st, 2021)

Responding to question on the challenges in the implementation of the AfCFTA, the Commissioner emphasized that effective monitoring of the implementation of the AfCFTA will be essential in order to detect possible issues (such as trade deflection). In the medium to long term, the answer will be to move towards a customs union and ultimately realize the African Economic Community as envisaged in the Abuja Treaty of 1991.

In the context of the African Continental Free Trade Agreement (AfCFTA) the timing is right for U.S. and global business leaders to develop effective strategies towards Africa! Toyin Umesiri

2. The AfCFTA Roundtable - A downloadable report

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Fall of last year, I hosted those I consider the most brilliant minds on Africa and AfCFTA at the launch of what would become an annual event called the AfCFTA Roundtable. A downloadable report of the outcomes of that event is available upon request and to members of my platform - www.nazaru.trade

Read News Coverage of the event - "AfCFTA: World Bank Economist urges full rollout of AU passport" https://nnn.ng/afcfta-world-bank-economist-urges-full-rollout-of-au-passport/

3. AfCFTA Trade and Investment Facilitation Masterclass

There is the "What" of AfCFTA and then there is the "How". Just knowing what it is is not enough. Hence my partnership with the African Union to deliver training and masterclasses to support policy makers and business leaders on how to leverage the AfCFTA.

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Read news coverage of delivery of said Master "AfCFTA: 14 African Countries get Masterclass on trade, investment facilitation" - https://economicconfidential.com/2020/10/afcfta-14-african-countries-get-masterclass-on-trade-investment-facilitation/

(All referenced documents, content and programs are housed on my Business, Trade & Investment Network here - https://www.nazaru.trade - Members Network, capture emerging trade and investment opportunities while received training, guidance and support from me. For inquiry email: info@nazaru.com or info@toyinumesiri.com

Announcement:

*Tomorrow I will host a Trade with Africa Q&A Session on Clubhouse. Follow me there to receive alerts when I go live -https://www.joinclubhouse.com/@toyin.umesiri

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