AfCFTA rules of origin completion at 90 per cent

•As Tetracore partners AFPN to deepen conversation on implementation

The implementation of the African Continental Free Trade Area (AfCFTA) nears a critical milestone with its rules of origin (ROOs), a set of guidelines that will determine if products are eligible for duty-free transaction under the single market agenda, now at 90 per cent completion.

This was disclosed by the Director of Trade in Services Investment, Intellectual Property Network (IPR), Emily Mburu-Ndoria, who spoke on behalf of the Secretary-General of AfCFTA, Wamkele Mene, in Lagos on Wednesday.

Mburu-Ndoria also disclosed that efforts were ongoing to get Liberia to deposit its instrument of ratification to increase the number of countries that have fully ratified the treaty to 48 – the fastest recorded under the African Union (AU) in history.

The disclosure came as Tetracore Energy Group, a player in Africa’s energy sector, had announced its sponsorship of the Africa Prosperity Dialogues 2024 (APD 2024), a platform that will deepen the conversation on the AfCFTA implementation routes and make recommendations to the AU.

The company will collaborate with the African Prosperity Network (APN) and AfCFTA Secretariat to hold a three-day annual summit under the auspices of President Nana Addo Dankwa Akufo-Addo in Ghana next week.

The organisers said the event to be held from January 25 to 27 at Aburi Hills is dedicated to bringing together Africa’s political and business leaders together to discuss how the implementation of AfCFTA would increase African shared prosperity and boost economic development.

Themed ‘Delivering Prosperity in Africa – Produce, Add Value, Trade,’ the program is designed to facilitate a comprehensive dialogue among key stakeholders from government, business, civil society and academia to develop inclusive strategies for delivering prosperity in Africa.

According to a statement by the promoters, the dialogue is important for promoting regional and continental integration, prioritising marginalised demographics (women and youth) and providing a platform for sharing best practices and innovative solutions to be replicated across the continent.

Speaking about the significance of Tetracore’s strategic collaboration on the programme, the Programme Executive of the Group, Oladayo Williams, stated: “Our sponsorship of the APD 2024 underscores our commitment to fostering sustainable development and energy security across the continent. We believe in the transformative power of collaborative dialogues and the APD provides a unique opportunity to engage with thought leaders and shape the trajectory of Africa’s prosperity with the overarching goal of contributing to economic growth and prosperity in Africa, aligning with the AU Agenda 2063.”

Tetracore’s sponsorship reflects the company’s dedication to corporate responsibility and sustainability as well as its role as a catalyst for positive change, he said.

The Chairman and Founder of APN, Gabby Asare Otchere-Darko; emphasised: “Africa needs a paradigm shift and this transformation hinges on dedicated leadership, strategic investments in vital sectors, one single African market, innovations and a steadfast commitment to fostering trade and investment to unlocking the continent’s immense potential on the global stage.

“We believe that global Africa has a responsibility and also an interest in being part of the economic integration that is happening in our continent. This is the second edition of the APN; so when we have these meetings where political and business leaders meet. We think, plan and work together on how we can accelerate, deepen and expand the implementation of the single market project and present this to the assembly of heads of states and governments of the African Union to adopt.”

The United Nations Development Programme (UNDP), African Development Bank (AfDB), African Export-Import Bank (Afreximbank), United Nations Economic Forum for Africa (UNECA), Africa Business Council (AfBC), Africa America Institute (AAI), Arab Bank for Economic Development in Africa (BADEA), Africa Soft Power and Ghana Investment Promotion Centre (GIPC) are among key organisations that will participate in the summit.