Seychelles is hosting the second national workshop on the African Continental Free Trade Area (AfCFTA), aimed at facilitating the effective implementation of the agreement. The workshop will focus on developing an implementation strategy involving stakeholder input to maximize benefits from the AfCFTA. Key leaders highlight the importance of the agreement in boosting trade, fostering industrialization, and enhancing Seychelles’ economic competitiveness in the continent.
Seychelles currently hosts its second national workshop focused on the African Continental Free Trade Area (AfCFTA), aimed at facilitating the nation’s implementation of the AfCFTA agreement. This initiative follows the country’s ratification of the agreement in 2021, which strives to establish a unified market for goods and services while promoting the mobility of business personnel and investment. The recent workshop aims to build upon discussions from an initial meeting held in September, concentrating on developing a comprehensive implementation strategy for Seychelles, as articulated by Veronique Brutus, Senior Trade Officer at the Department of Trade. During the workshop, attendees will review a draft of the implementation strategy and provide their feedback, thus ensuring that the strategy is well-rounded and meets the needs of various stakeholders. Minister of Finance, National Planning, and Trade, Naadri Hassan, emphasized the critical nature of this strategy for maximizing the nation’s engagement with the AfCFTA, highlighting the need for consensus among stakeholders to effectively align varying interests. Hassan remarked, “The effective implementation of the strategy has the ability to enhance Seychelles’ potential to foster industrialisation, job creation, and investment… consistent with the National Development Strategy 2024-2028.” The workshop, held at the Berjaya Beau Vallon Bay Resort, is supported by various institutions, including the Fair Trading Commission and the Seychelles Revenue Commission, with technical support from entities such as the United Nations Economic Commission for Africa (UNECA) and the United Nations Development Programme (UNDP). The AfCFTA is designed to promote intra-African trade and improve Africa’s position in global markets by enhancing collective trade policies and negotiations. This agreement proposes to establish a robust market framework that facilitates economic integration across the continent, allowing local businesses in Seychelles to access a customer base exceeding 1.3 billion individuals across 54 nations. The potential benefits for Seychellois sectors such as fishing, farming, and crafts are substantial as they prepare to engage with new markets and customers more extensively. Sujitha Sekharan, a UNDP programme specialist, noted that this agreement will ease trade between Seychelles and its African counterparts while enhancing opportunities for knowledge sharing and collaboration among member states.
The African Continental Free Trade Area (AfCFTA) represents a significant milestone for economic cooperation among African countries, with the intent of creating a single, liberalized market for goods and services. Ratified by Seychelles in 2021, this agreement seeks to enhance trade potential across the continent while supporting the establishment of a future Continental Customs Union. The workshops undertaken by Seychelles serve as crucial platforms for developing effective strategies to integrate into this broader economic framework, facilitating increased trade opportunities and sustainable growth.
In summary, Seychelles’ ongoing workshops for the AfCFTA implementation reveal the nation’s commitment to fostering economic growth through enhanced trade with Africa. Key stakeholders are engaged in developing strategies designed to navigate the complexities of this agreement while ensuring that the diverse interests of local businesses are represented. The anticipated outcomes of this process include greater access to larger markets, improved competitiveness, job creation, and an overall strengthening of Seychelles’ economic landscape.
Original Source: www.seychellesnewsagency.com
