The United Kingdom, (UK) has become the first non-African nation to formally acknowledge the African Continental Free Trade Area, AfCFTA for its trade and investment opportunities.
Mr James Duddridge, the UK Minister for Africa met with Mr Wamkele Mene, Secretary-General of the AfCFTA at the Secretariat in Accra to sign a Memorandum of Understanding, MoU.
In a statement released by the UK commission, the AfCFTA is yet the African Union, AU’s most ambitious economic initiative. More so, the Economic Commission for Africa (UNECA) estimates that AfCFTA has the potential to expand intra-African trade by more than 50 per cent.
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AfCFTA MoU with the UK
Noting that the landmark AfCFTA offers opportunities globally, Mr Duddridge, stated that the UK is therefore formalising its commitment.
“Today we formalise our commitment to this agreement as I joined Secretary-General Wamkele Mene at the AfCFTA’s Headquarters in Accra to sign a Memorandum of Understanding setting out our shared ambition.”
According to the statement, the UK is committed to partnering with African nations and institutions.
“Africa’s long-term success mattered to the UK and that it was in the interest of all to support a strong, prosperous and peaceful Africa – driven by its own citizens and acting as a dynamic force in the international arena,” Duddridge expressed.
Mr Ranil Jayawardena, UK Minister for International Trade, who spoke from London indicated that the AfCFTA will also be crucial in recovering from the pandemic.
“Stronger trade and investment partnerships with Africa will be crucial to help us build back better from the pandemic- and establish cleaner, greener, more resilient economies.
“The Africa Continental Free Trade Agreement is one of the world’s largest free trade areas and this deal shows our commitment to boosting bilateral trade and investment, leading to sustainable economic growth across the continent,” he said.
Duddridge and Mene further discussed the progress of the AfCFTA since January 2021 as well as the Secretariat’s future plans, the statement said.