Seychelles Advances Towards AfCFTA Implementation with National Workshop
Seychelles hosted its second national workshop on the African Continental Free Trade Area (AfCFTA) to strategize for effective implementation of the accord ratified in 2021. This workshop follows a previous session held in September, emphasizes stakeholder involvement, and aims to bolster Seychelles’ participation in intra-African trade. The AfCFTA is poised to unlock economic potential, enhancing competitiveness and fostering growth across local sectors.
Seychelles has commenced its second national workshop focused on the African Continental Free Trade Area (AfCFTA), aiming to further its implementation of the AfCFTA agreement ratified in 2021. This initiative is designed to establish a unified continental market for goods and services, enabling free movement for business professionals and investments, in addition to establishing a customs union. Following a previous workshop held in September, this workshop seeks to build on the strategies formulated to enhance the engagement with AfCFTA. The workshop will present the draft implementation strategy for Seychelles, inviting stakeholders to review, provide feedback, and contribute to the shaping of this crucial strategy. Veronique Brutus, Senior Trade Officer at the Department of Trade, emphasized the collaborative approach needed for effective implementation. Minister of Finance, National Planning and Trade, Naadri Hassan, highlighted the importance of developing a participatory strategy ensuring all stakeholders’ perspectives are included. According to Hassan, the implementation of the strategy is expected to boost Seychelles’ capacity in industrialization, job creation, and investment, thereby enhancing its competitiveness within the region. The event, held at the Berjaya Beau Vallon Bay Resort, has seen participation from several institutions, including the Fair Trading Commission and the Seychelles Revenue Commission, with facilitation by key entities such as UNECA, UNDP, and GIZ. The AfCFTA is intended to facilitate intra-African trade and elevate Africa’s position in global markets. It aims to forge a unified market for goods and services while promoting economic integration across the continent. Sujitha Sekharan from UNDP recognized the vast market opportunities, projecting benefits for local sectors like fishing, agriculture, and crafts, while easing trade relations with neighboring countries. As of August 2024, 54 African countries have signed the AfCFTA agreement, and 48 have ratified it.
The African Continental Free Trade Area (AfCFTA) is a pivotal initiative aimed at fostering trade across the African continent, enhancing economic integration and development. Established to create a single market for goods and services among African nations, the AfCFTA promotes the free movement of business and investment, ultimately facilitating the establishment of a customs union. Seychelles ratified the agreement in 2021, aiming to leverage the benefits of this framework for national development. The ongoing workshops are part of Seychelles’ commitment to strategically plan and implement the AfCFTA agreement effectively.
The second national workshop on the AfCFTA held in Seychelles marks a significant step towards the effective implementation of the agreement. Through collaboration with various stakeholders, Seychelles aims to develop a robust implementation strategy. The anticipated outcomes of the AfCFTA promise to enhance economic opportunities for Seychelles, fostering industrial growth and job creation in the face of broader continental trade interactions. As more African countries ratify the agreement, Seychelles stands poised to benefit from increased market access and strengthened trade relationships.
Original Source: www.seychellesnewsagency.com
