President John Dramani Mahama has announced his intention to advocate for the inclusion of Caribbean nations in the African Continental Free Trade Area (AfCFTA) upon assuming the Chairmanship of the African Union (AU). He characterized this initiative as a strategic measure aimed at enhancing economic relations between Africa and the Caribbean.
The President of Ghana stated that broadening the AfCFTA framework to include Caribbean countries would generate increased opportunities for trade, investment, and economic collaboration, while also reinforcing the historical and cultural connections that exist between the two regions.
President Mahama expressed these views during a joint press conference with Jamaican Prime Minister Andrew Holness as part of his official state visit to Jamaica.
In discussing the potential for heightened trade between Africa and the Caribbean, President Mahama recognized that enhancing commercial exchanges would necessitate careful planning and ongoing investment, rather than an expectation of immediate outcomes.
“Regarding trade, we are not under any illusions that we can simply snap our fingers and see an instant increase in our trade volumes. We must put in the effort. This is why I mentioned that one approach to achieving this is by developing the necessary infrastructure and logistics. Additionally, we must expand the trade area.
“Thus, as the chair of the AU, I am committed to advocating for the inclusion of the Caribbean in the African Continental Free Trade Area.”
President Mahama elaborated on the functioning of the AfCFTA, highlighting that the agreement establishes a harmonized system that facilitates easier trade for businesses across participating nations, provided their products meet the established standards.
He emphasized that the harmonization of product standards is a fundamental aspect of the continental trade framework, simplifying access for manufacturers and exporters to various markets without the need for separate certification processes in each country.
The African Continental Free Trade Area operates by standardizing our regulations. Once your product receives approval from the relevant standards authority, confirming it meets the necessary export standards, you will be added to a register.
Upon registration, you can view the commodities that are eligible for trade. These may include electrical cables, transformers, iron and steel products, as well as processed food items.
Additionally, there is a wide range of pharmaceutical products available. Once you engage in trading, you can access the platform, which will connect you with producers in any participating country.
