Kenya National Chamber of Commerce and Industry (KNCCI) President Richard Ngatia has underscored the importance of the African Continental Free Trade Area (AfCFTA) potential to boost intra-Africa trade. In confidence, he has revealed that AfCFTA which is flagship project of the African Union’s Agenda 2063 can surpass 50 per cent success if import duties and non-tariff barriers are eliminated from economic block.
Speaking at the Go Africa event that was held yesterday in Cairo-Egypt and themed ‘Promoting inter African trade and Investment’, the Chamber President (CP) emphasized on the need to accelerate Africa’s transformation to a more resilient, inclusive and sustainable post-COVID-19 pandemic recovery.
Ngatia cited it is necessary to support the health sector to consolidate gains in the fight against the pandemic and to effectively use monetary and fiscal support to underpin the economic recovery where policy space remains viable.
“We should foster regional and multinational cooperation to ensure sustained and widespread recovery.” Said Ngatia.
The CP remarked that it is vital to expand social safety nets to make growth more equitable and address increasing poverty, in addition to scaling up active labor market policies to retool the workforce for the future of work.
While acknowledging the value of building resilience, the Chamber President challenged key drivers in the economic block to intensify structural transformation through digitalization and economic diversification.
In attendance at the event were Africa Ambassadors to Egypt, representatives from 80 private sector firms in Kenya and 120 from the Egypt firms.