How African trade agreement will engender development, by stakeholders
Stakeholders in business law have declared that the implementation of the African Continental Free Trade Agreement (AfCFTA) would boost growth and development among member countries.
This was stated at a webinar organized by the International Trade Law Practice Group of ǼAELEX Legal Practitioners and Arbitrators with the theme, “African Continental Free Trade Area: The Buildup.”
The panelists were the Executive Secretary of the National Action Committee, Mr. Francis Anatogu; Chairman of the Centre for Trade and Development Initiative (CTDI), Prof. Ademola Oyejide; Director, Trade Policy Research and Training Programme, Prof. Olawale Ogunkola and practice lead, International Trade at ǼAELEX, Mr. Soji Awogbade while the international counsel at ǼLEX and member, World Trade Board, Dr. Adesegun Akin-Olugbade moderated the event.
The webinar attracted numerous persons drawn from Nigeria, Ghana, United States of America, United Kingdom, Switzerland, Egypt, Ethiopia, Kenya and Iceland. The participants were drawn from the academia, regulatory agencies, trade ministries, chambers of commerce, legal profession, consultancy, manufacturing, construction, energy, real estate, accounting, transportation, banking and technology sectors.
In his opening remarks, Dr. Akin-Olugbade provided a brief history of the AfCFTA, its goals and objectives and recent relevant developments on the agreement.
Mr. Anatogu, who spoke on the National Action Committee on AfCFTA, explained that its foundation is rooted in the Abuja Treaty, the objectives of which include the promotion of economic, social and cultural development in order to increase economic self-reliance.
He added that the promotion of indigenous and self-sustained development; the promotion of cooperation among member states to raise the standard of living, maintain and enhance economic stability, foster peaceful relations and the harmonization of policies among existing and future economic communities are part of its objective.
Prof. Oyejide, who made a presentation on “AfCFTA: opportunities and challenges for businesses and governments in Nigeria explained its long-term benefits and discussed the transition process, the adjustment costs and the distribution of the benefits and costs.
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