Seychelles is conducting its second national workshop on the AfCFTA, focusing on local implementation strategies. The workshop involves various stakeholders, aiming to develop an inclusive approach that leverages the AfCFTA for economic growth. The agreement has significant potential to open new markets for Seychelles, fostering trade and job creation across multiple sectors.
Seychelles has commenced its second national workshop focused on the African Continental Free Trade Area (AfCFTA), working towards the effective implementation of the agreement. The nation ratified the AfCFTA in 2021, aspiring to build a unified market for goods and services, alongside promoting free mobility of business individuals and investments. This workshop follows the first session held in September and aims to discuss the local implementation strategy with expert consultants. During the proceedings, Veronique Brutus, Senior Trade Officer at the Department of Trade, emphasized the importance of the strategy being presented to participants for their insights. Finance Minister Naadri Hassan highlighted that the AfCFTA Strategy would significantly enable Seychelles to participate beneficially in the intra-African trade market. He reiterated that a collaborative approach in developing the strategy would foster consensus among stakeholders, thereby ensuring a comprehensive and effective implementation process. The workshop, held at the Berjaya Beau Vallon Bay Resort, features various institutions and is facilitated by representatives from the United Nations Economic Commission for Africa, the United Nations Development Programme, and Deutsche Gesellschaft für Internationale Zusammenarbeit. The AfCFTA is set to enhance intra-African trade and strengthen Africa’s bargaining power in global markets, aiming for the establishment of an integrated customs union in the future. In her opening address, UNDP programme and operations specialist Sujitha Sekharan noted the vast opportunities that the AfCFTA presents to Seychelles, providing access to over 1.3 billion consumers across 54 nations. This access promises significant potential for local sectors such as fishing, agriculture, and craftsmanship, positioning Seychelles to expand its market reach and spur job creation.
The African Continental Free Trade Area (AfCFTA) represents a significant advancement towards economic integration across the African continent. Established to create a single market for goods and services, the AfCFTA aims to facilitate the movement of individuals and investments. By engaging in this trade area, participating nations, including Seychelles, can enhance their competitiveness while fostering economic growth domestically and regionally. With 54 states signing the agreement and 48 ratifying it as of August 2024, the AfCFTA presents numerous opportunities for member nations to collaborate and strengthen trade ties.
In summary, Seychelles is actively progressing in implementing the AfCFTA agreement through collaborative workshops designed to develop a robust national strategy. The continuous dialogue among stakeholders is crucial for addressing the diverse needs of the economy and harnessing the benefits of intra-African trade. With the support of international partners and an inclusive approach, Seychelles is well-positioned to leverage the AfCFTA, contributing to its economic development and enhancing its integration into the regional market.
Original Source: www.seychellesnewsagency.com
