Seychelles held its second national workshop on the African Continental Free Trade Area (AfCFTA) to further develop its implementation strategy following its ratification of the agreement in 2021. The workshop aims to engage key stakeholders in refining the strategy to maximize the benefits of a unified continental market for goods and services. Participants, guided by consultants, will collaborate to create a strategy that supports national development goals and promotes industrialisation and job creation in Seychelles.
Seychelles recently convened its second national workshop focused on the African Continental Free Trade Area (AfCFTA), aimed at advancing the implementation of the AfCFTA agreement. Having ratified the agreement in 2021, Seychelles seeks to establish a unified continental market that promotes the free movement of goods, services, and investments, all while anticipating the formation of a customs union. This workshop continues the objectives discussed in the inaugural workshop held in September of the previous year. The main goal of the current workshop is to refine Seychelles’ implementation strategy, guided by various consultants. Veronique Brutus, the senior trade officer at the Department of Trade, emphasized that participants will engage with a draft strategy, sharing insights to enhance the effectiveness of the implementation process. Minister of Finance, National Planning and Trade, Naadri Hassan, remarked on the importance of the National AfCFTA Implementation Strategy. He highlighted that active stakeholder engagement in its development is essential to meet diverse interests and ensure a coherent approach toward achieving the AfCFTA’s objectives in a manner that is effective, inclusive, and sustainable. He further noted, “The effective implementation of the strategy has the ability to enhance Seychelles’ potential to foster industrialisation, job creation, and investment,” underscoring its alignment with the National Development Strategy for 2024-2028. Hosted at the Berjaya Beau Vallon Bay Resort, the workshop featured contributions from various institutions including the Fair Trading Commission and the Seychelles Revenue Commission, with training facilitated by representatives from the United Nations Economic Commission for Africa (UNECA), the United Nations Development Programme (UNDP), and Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ). The AfCFTA’s overarching goal is to bolster intra-African trade and elevate Africa’s position in global markets by fostering economic integration. It envisions the establishment of a liberalized market for goods and services, paving the way for a Continental Customs Union in the future. Sujitha Sekharan, a UNDP programme and operations specialist, noted the immense market potential created by AfCFTA, stating, “The AfCFTA opens up a vast market of over 1.3 billion people across 54 countries. For Seychelles, this means access to new customers and partners, allowing our local businesses to expand their reach beyond our shores.” This agreement facilitates trade with African neighbors and encourages local businesses to engage in idea exchange and relationship building. As of August 2024, 54 African nations have signed the AfCFTA agreement, with 48 members having ratified it, reflecting strong commitment across the continent for enhanced trade collaboration.
The African Continental Free Trade Area (AfCFTA) represents a significant initiative aimed at fostering economic integration across Africa. Its overarching goal is to create a single market for goods and services, thereby easing the movement of people and investment. By establishing a customs union, the AfCFTA aspires to enhance intra-African trade, improving Africa’s competitive stance in the global economy. Seychelles’ engagement with the AfCFTA is pivotal, leveraging its potential to access a broader market and thereby stimulate economic growth and development. Seychelles ratified the AfCFTA agreement in 2021. Consequently, the national workshops serve to develop implementation strategies that align with the goals of the AfCFTA while considering the unique circumstances and requirements of the Seychelles economy. The engagement of various stakeholders is paramount in ensuring that the strategy is comprehensive and reflects the collective interests of all parties involved, from government to private sectors.
The second national workshop on the African Continental Free Trade Area in Seychelles highlights a crucial step towards implementing the AfCFTA agreement. Through stakeholder cooperation and strategic planning, Seychelles aims to harness the benefits of a unified continental market. This initiative is expected to enhance economic opportunities, promote industrialisation, create jobs, and foster investment, ultimately contributing to the country’s long-term development objectives. As Seychelles actively participates in the AfCFTA, it capitalizes on the potential to engage with a vast market, thereby enhancing its economic landscape.
Original Source: www.seychellesnewsagency.com
