The African Union Theme of the Year 2023 “The Year of AfCFTA: Acceleration of the African Continental Free Trade Area Implementation” is aimed at enhancing the close collaboration with all relevant organs and specialized agencies of the African Union, regional mechanisms and Regional Economic Communities (RECs), in line with their respective mandates to fast track the implementation of the AfCFTA for the benefit of Africa’s population. The Theme of the year for 2023 seeks to generate greater political commitment in trade as a developmental Agenda for Africa. It will serve to mobilize solutions and solidarity to turn that vision into reality, with a view to create interlinkage with member states, AU bodies, private sector actors, development partners, and other stakeholders, who have important roles to play to accelerate the implementation of the AfCFTA.
The AfCFTA presents a unique opportunity for the continent to attain economic emancipation, which will lead to job creation, poverty alleviation, improved welfare and sustainable development. Beyond the policy transformation and reforms, the AfCFTA seeks to ensure inclusivity of women and youth, development of Small and Medium Enterprises (SMEs) and overall industrialization of the Continent. This will be guided by the Framework of the Agenda 2063, which among others calls for project development, structuring, marketing, financial collaboration and enhancing Public-Private Partneship (PPP) and the AfCFTA Private Sector Engagement Strategy. Engagement with private and Public stakeholders is expected to generate support and awareness, direct support to responsible implementing stakeholders, evaluate and monitoring data, and access to collaborators.
The AfCFTA Secretariat, in collaboration with partners, has launched various operational tools to facilitate commercially meaningful trading under the AfCFTA, namely the:
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AfCFTA Guided Trade Initiative, which intends to achieve its goal through matchmaking businesses and products for export and import between interested State Parties in coordination with their national AfCFTA implementation committees.
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AfCFTA Adjustment Fund to support both the member states and private sector to effectively participate in the new trading environment established under the AfCFTA.
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Pan African Payment System (PAPSS), a platform and infrastructure to facilitate instant payment in national currencies and efficient conduct of cross border trade.
The conclusion of the AfCFTA Phase II Protocols further provides a legal basis and anchor in advancing an operationally effective and comprehensive one African market and will act as an accelerator for Agenda 2063.
Learn more about the African Continental Free Trade Area by visiting https://au-afcfta.org/
