.jpg)
Namibia, a signatory of the African Continental Free Trade Area (AfCFTA) agreement in 2018 and a ratifier in 2019, is gearing up to take significant steps toward the full implementation of the project. The Namibian government aims to empower local entrepreneurs to fully harness the opportunities presented by the AfCFTA.
The Namibian Ministry of Industry and Trade announced on Thursday, 17 November, that the country would launch a national strategy for the implementation of the AfCFTA alongside a five-year action plan. This initiative, scheduled to run from 2022 to 2027, seeks to establish a clear roadmap for the deployment of the AfCFTA in Namibia. It also aims to position the country to capitalize on market access opportunities across the African continent.
The strategy places particular emphasis on training women and young entrepreneurs and ensuring close monitoring of progress in negotiations on the agreement's implementation.
“Part of the implementation of the AfCFTA requires capacity building and training of potential beneficiaries on the opportunities the agreement presents. Due to gender inequality in the continent, women and youth entrepreneurs are faced with challenges of lack of access to information on opportunities in their environment and how to take advantage thereof.” ,stated the ministry, as reported by Xinhua.
The AfCFTA project envisions the creation of a single market encompassing over 1.4 billion people with a combined GDP exceeding $3.4 trillion. Launched in 2019, the agreement officially became operational in 2021. To date, 54 African Union member states have signed the AfCFTA agreement, demonstrating their intent to join the market. However, only 44 of these nations have ratified the agreement and are recognized as State Parties to the AfCFTA.
The Namibian action plan is due to be launched on Monday 21 November.
Credit: AgenceEcofin