Cape Town – South Africa has initiated the implementation of preferential trading under the African Continental Free Trade Area (AfCFTA) by sending its first shipment of products to other member countries.
South Africa is the first among the Southern African Customs Union (SACU) member states to realiSe the AfCFTA Agreement.
President Cyril Ramaphosa highlighted the potential for growth and development through preferential trade, emphasising the need for increased intra-African trade.
“For South Africa, as with many other African countries, the start of preferential trade will create great opportunities for growth and development. Not only will it benefit our country’s producers, but it will also see a huge increase in traffic through our ports, our airports and our land-based border posts.
“The products made in Gauteng, Limpopo, North West, Free State, Mpumalanga and the Northern Cape will flow through these ports to markets beyond our borders,” Ramaphosa said on Wednesday in Durban.
“Today, we are witness to a historic moment in Africa’s economic destiny. Today, we mark the start of preferential trade by South Africa under the African Continental Free Trade Area.” – President Ramaphosa #AfCFTA pic.twitter.com/cKg7GXPW89
— South African Government (@GovernmentZA) January 31, 2024
He acknowledged the historical focus on exporting raw materials and called for a shift towards industrialisation and building African champions in various sectors.
The AfCFTA, as the world’s largest free trade area by the number of countries involved, aims to bring transformative change and opportunities to African economies.
Ramaphosa emphasised the importance of rules of origin and the development of regional and local value chains to achieve sustainable economic growth and inclusivity.
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Picture: X/@PresidencyZA
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Compiled by Betha Madhomu
