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QUAYNOR: VALUE ADDITION KEY TO TRADE & INVESTMENT

The Vice President; Private Sector, Infrastructure and Industrialisation at the
African Development Bank, Solomon Quaynor says value addition in areas of
competitive advantage is key to drive trade and investment under the African
Continental Free Trade Area. In a Chat with CNBC Africa at the 30th Nigerian
Economic Summit, he notes though the framework is present, implementation
requires political commitment which in turn will drive the private sector.
Thu, 17 Oct 2024 12:49:04 GMT
AI Summary
Disclaimer: The following content is generated automatically by a GPT AI and may
not be accurate. To verify the details, please watch the video
AI Generated Summary
 * The importance of leveraging competitive advantages in value chains and
   promoting intra-African investments to enhance value addition and drive
   sustainable trade under the AfCFTA.
 * The critical role of political commitment and proactive leadership from
   African countries, particularly major economies like Nigeria, in ensuring the
   successful implementation of the AfCFTA.
 * Strategies such as establishing a visa openness regime and addressing
   non-tariff barriers to facilitate free movement of goods across African
   countries and boost cross-border trade within the AfCFTA.

The Vice President, Private Sector, Infrastructure, and Industrialization at the
African Development Bank, Solomon Quaynor, recently emphasized the importance of
value addition in driving trade and investment within the African Continental
Free Trade Area (AfCFTA). In an interview with CNBC Africa at the 30th Nigerian
Economic Summit, Quaynor highlighted the immense potential of the AfCFTA, which
boasts a population of 1.4 billion people and an aggregate GDP of approximately
3.4 trillion dollars. He stressed the necessity for African nations to leverage
their competitive advantages in specific value chains and invest in each other
to enhance value addition in the products they trade. Quaynor underscored the
significance of industrialization and the exchange of value-added goods under a
common tariff regime that prioritizes African production. Despite the promising
framework of the AfCFTA, Quaynor acknowledged that successful implementation
hinges on political commitment from member countries, which, in turn, will drive
private sector participation. He addressed concerns raised by experts and
stakeholders regarding challenges such as free movement of people, payment
facilitation, and rules of origin, which some view as obstacles to the
commencement of intra-African trade. Reflecting on the slow progress in the
implementation of the AfCFTA, Quaynor mentioned that while Nigeria and Ghana had
initiated trade activities under the agreement in recent years, more concerted
efforts were needed to overcome existing barriers. He emphasized the critical
role of political leadership, particularly from major economies like Nigeria, in
championing the effective execution of the AfCFTA. Quaynor outlined some key
strategies for expediting the realization of free movement of goods across
African countries within the next few years. He highlighted the importance of
establishing a visa openness regime in Nigeria to enable visa-free travel for
Africans, thereby facilitating increased business interactions and trade
opportunities. Additionally, he stressed the need to address non-tariff barriers
to enhance cross-border trade, particularly for market women who play a vital
role in the implementation of the AfCFTA. In conclusion, Quaynor reiterated that
while the framework for the AfCFTA is in place, its successful implementation
requires unwavering political commitment, proactive leadership, and
collaboration between governments and the private sector. By prioritizing value
addition, reducing trade barriers, and fostering a conducive environment for
intra-African trade, countries can unlock the full potential of the AfCFTA and
drive sustainable economic growth across the continent.


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