SA continues to champion transformation

SA has finally approved the agreement for the establishment of the African Continental Free Trade Area and by doing so, it will continue to champion the socio-economic transformation of Africa. In a Daily Maverick analysis, Michael Khorommbi notes that Parliament in December assured the 54-member states of the AU that it was committed to promoting intra-African trade which would be based on equal partnerships and mutual opportunities. By doing so, it becomes one of the recent African states to ratify the agreement establishing the African Continental Free Trade Area. 'The country’s position on the continent is perceived to be one of leadership through its economic dominance, thus the approval by Parliament of the transcontinental free trade area agreement will inspire countries which are part of its trade regimes (such as the Southern African Customs Union and Southern African Development Community countries) to ratify the agreement. At present, SADC countries such as Seychelles have already begun domestic consultations on the agreement with key stakeholders such as the private sector. To date, 49 countries out of 55 have signed the agreement for the establishment of the African Continental Free Trade Area. And 18 countries out of the 49 have either deposited their instruments of ratification with the African Union Commission chairperson or have had parliamentary approval and will deposit their instruments in 2019. The country will continue to champion the socio-economic transformation of the continent. These baby steps of ratification will prepare us for a huge leap of faith towards liberalising transcontinental trade. While Nigeria is studying the African Continental Free Trade Area to ensure all concerns and anxieties are addressed, we shall wait in optimism.'