The AfCFTA Business Forum 2023, co-hosted by the AfCFTA Secretariat and the Government of South Africa under the leadership of H.E. Cyril Ramaphosa, concluded on April 18 2023 in Cape Town, South Africa. The three-day event brought together over 2,000 participants from across the continent and beyond, including heads of state and government, ministers, business leaders, investors, civil society representatives, and development partners.
The forum was aimed at providing a platform for public-private engagements among businesses and governments to unlock trade and investment opportunities in the African Continental Free Trade Area (AfCFTA), which is set to create a single market of 1.3 billion people with a combined GDP of US$3.4 trillion.
The AfCFTA aims to lift 30 million Africans out of poverty by increasing income across Africa by 7% by 2035, according to the World Bank. The forum featured sector-specific sessions on agro-processing, automotive, pharmaceuticals, transportation and logistics, and digital trade.
These sessions highlighted the policies and investment opportunities in these priority sectors that have high potential for value addition, job creation, and regional integration. In his opening remarks at the forum, H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, said: “The AfCFTA Business Forum is not just a platform for discussions and networking, but it is also designed to be an engaging and dynamic event that will catalyse action and results.
“We want to activate trade and investment in the AfCFTA by connecting businesses to markets, funding opportunities, partnerships, and mentorship. We want to create a private sector-friendly environment that will enable our entrepreneurs to innovate and compete in the continental market.”
The forum also announced the completion of negotiations of two key protocols: the Protocol on Women and Youth in Trade and the Protocol on Digital Trade. The AU Assembly in May 2023 is expected to endorse the two protocols.
The Protocol on Women and Youth in Trade will tackle the specific challenges and obstacles that women and youth encounter when trading on the continent, such as access to finance, information, markets, skills, and technology.
It will also create an enabling environment for them to benefit from the AfCFTA by accessing wider markets, improving their competitiveness, and participating in regional value chains.
The Protocol is aligned with the Her AfCFTA initiative, a partnership between UNDP and AfCFTA to support women’s economic empowerment and entrepreneurship in the context of the AfCFTA. The Protocol on Digital Trade will address the specific opportunities and challenges that digital trade offers for Africa, such as e-commerce, data protection, cyber security, digital infrastructure, and digital skills.
It will also create an enabling environment for digital trade to thrive under the AfCFTA by harmonising regulations, standards, and policies across the continent. The Protocol is aligned with the recently launched digital platform AfCFTA Hub, which provides a one-stop shop for information and services related to the AfCFTA.
The AfCFTA Hub also links to other AfCFTA online tools, such as the Pan-African Payment and Settlement System, which facilitates cross-border payments in local currencies; the African Trade Observatory, which provides reliable and up-to-date data and information on trade flows, tariffs, non-tariff barriers, market access opportunities, trade facilitation measures, and best practices in intra-African trade; and the Simplified Trade Regime, which simplifies customs procedures and documentation for informal cross-border traders.
These digital tools are designed to simplify trade for youth, women and SMEs, and to enhance transparency, predictability, and evidence-based decision making for businesses and policymakers in the AfCFTA.
In conclusion, the AfCFTA Business Forum 2023 was a landmark event that showcased the progress and potential of the AfCFTA as a catalyst for Africa’s trade and development.
The forum also demonstrated the commitment and collaboration of both public and private sectors to make the AfCFTA work for Africa’s people, especially women and youth. The forum also launched several initiatives and tools that will support the implementation and operationalisation of the AfCFTA and its protocols.
The forum was a testament to the vision and leadership of H.E. Cyril Ramaphosa, President of South Africa and Champion of the AfCFTA; H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat; and all the partners and sponsors who made this event possible.
As H.E. Wamkele Mene said in his closing remarks, the forum was a resounding success that will advance our collective vision of a prosperous and integrated Africa, and he urged all participants to keep up the momentum and follow up on the opportunities and connections that they have made here.
Tanatsiwa Dambuza is a graduate with MSc in International Trade and Diplomacy and a Regional Integration Expert and Consultant with special focus on AfCFTA, SADC, EAC and COMESA. He is the Founder of Zimbabwe Institute of African Integration and an advocate for youth, women and SMEs inclusion in regional trade negotiations and processes. He can be contacted on tanatsiwadambuza62@gmail.com or +263779988050
