The African Continental Free Trade Area (AfCFTA) has pledged support for the Private Sector Bill of Rights (PSBoR) to establish a suitable trade and investment climate in intra-African trade across the continent.

This was contained in a statement signed by Grace Khoza, Principal Communications Advisor, AfCFTA Secretariat, yesterday. The statement said the PSBoR leverages the protocols of Africa’s Regional Economic Communities (RECs) and the AfCFTA Agreement, ratified by 47 African countries and signed by 54 member states.

It said the bill was a pioneering initiative proposed by the Africa Private Sector Summit (APSS), in partnership with the Pan Africa Chamber of Commerce and Industry (PACCI).

“In a bid to work in close partnership with the private sector, the AfCFTA Secretariat hosted a Private Sector Session, in collaboration with APSS, which led an Ecosystem-based side event at the just concluded Intra-African Trade Fair [IATF] 2023 in Cairo.

“Other parties in the APSS-led ecosystem included the PACCI, AfCFTA Policy Network (APN), and the African Education Trust Fund (AETF).

“The event emphasised the importance of the Charter on Private Sector Development, Rights and Protection Environment in Africa and the PSBoR for an enabling business environment in Africa.

“The AfCTFA Secretariat is committed to supporting the private sector and therefore, brings the PSBoR into mainstream African economic integration discussions, by leading the APSS Ecosystem-based intervention.”

The statement said the private sector is a critical driver in the implementation of the AfCFTA, therefore, engaging with key stakeholders through this session is essential.

“Working with Regional Economic Communities (RECs) and strategic partners alongside economic actors contributes toward creating a suitable environment for businesses to thrive under the AfCFTA Agreement.”

The statement quoted the Secretary-General of the AfCFTA Secretariat, Wamkele Mene, as saying: “The private sector is the core pillar for achieving the AfCFTA goals because the private sector creates jobs, fosters innovation, and enables fair competition for business in the continent.

“The PSBoR will be included into the AfCFTA report to the Assembly of Heads of States and Governments of the AU, in February 2024, more so, in the context of the African Union’s 2023 theme of the year of ‘Acceleration of the AfCFTA Implementation’.”

It also quoted Prof. Kingsley Moghalu, Chairman, APSS, as saying: “Only 16 per cent of Africa’s global trade is regional within the continent, in stark contrast to 68 per cent in Europe, 59 per cent in Asia, and 30 per cent in North America.

“When fully implemented, the AfCFTA is expected to boost intra-African trade by 52 per cent, lift 30 million people out of poverty, and increase the continent’s Gross Domestic Product by billion dollars by 2035.”