Seychelles is hosting its second national workshop on the AfCFTA to promote effective implementation of the agreement, which aims to establish a single continental market for trade and investment. Ratified in 2021, the workshop builds on previous work, with an emphasis on developing a strategy that aligns with the nation’s development goals and enhances economic competitiveness.
Seychelles has initiated the second national workshop focused on the African Continental Free Trade Area (AfCFTA), aimed at fostering the agreement’s effective implementation within the nation. This follows the ratification of the AfCFTA by Seychelles in 2021, which is designed to establish a unified continental market facilitating the free movement of goods, services, and investments. The ongoing workshop builds upon a previous session held in September, allowing stakeholders to further explore the implementation strategy critical to Seychelles’ engagement with the AfCFTA. During the workshop, participants, including various institutions and trade consultants, will review a draft strategy that addresses Seychelles’ unique needs and promotes constructive feedback. Veronique Brutus, the senior trade officer at the Department of Trade, emphasized the importance of creating an inclusive framework that effectively reflects stakeholder interests. Furthermore, Minister of Finance, National Planning and Trade, Naadri Hassan, highlighted the strategic role this initiative will play in enhancing industrialization, investment, and overall economic competitiveness within the region, aligning with Seychelles’ National Development Strategy 2024-2028. The event, hosted at the Berjaya Beau Vallon Bay Resort, involves participants from multiple organizations, including the Fair Trading Commission and the Seychelles Revenue Commission, with facilitation by the UN Economic Commission for Africa, UNDP, and GIZ. The AfCFTA aims to significantly bolster intra-African trade and elevate Africa’s global trade standing by forming a single market that fosters deeper economic integration within the continent. Sujitha Sekharan, a UNDP specialist, articulated the expansive potential of the AfCFTA for Seychelles, stating that it would enable local businesses to thrive by accessing a larger customer base and engaging in fruitful exchanges with other African nations. As of August 2024, the AfCFTA has seen signatures from 54 African states, with 48 members ratifying the agreement.
The African Continental Free Trade Area (AfCFTA) is an initiative aimed at creating a single continental market that enhances trade and investment among African nations. Ratified in 2021 by Seychelles, the agreement is a strategic move towards greater economic integration within Africa, designed to facilitate free movement of goods, services, and business personnel across borders. This workshop series is a step toward operationalizing the AfCFTA agreement in Seychelles, with particular emphasis on creating an implementation strategy that meets local needs and engages various stakeholders in the development process.
In summary, Seychelles’ second national workshop on the AfCFTA marks a significant step in the nation’s endeavor to implement the agreement effectively, thereby fostering economic cooperation within the African continent. The workshop aims to involve diverse stakeholders to ensure a comprehensive implementation strategy that addresses local interests and promotes sustainable growth. As Seychelles seeks to enhance its competitive edge and boost its economy, the AfCFTA offers new opportunities for trade, investment, and economic partnerships across Africa.
Original Source: www.seychellesnewsagency.com
