BUSINESS WORKSHOP ON AFCFTA
The African Continental Free Trade Area (AfCFTA) was the focus of discussions at a special workshop featuring a number of experts. Speakers at the workshop included Mr. Cham Etienne Bama, Coordinator of the Technical Secretariat of the Ad Hoc Sub-Committee charged with facilitating the implementation of the AfCFTA Guided Trade Initiative in Cameroon, Mr. Mélacheo Ivan, Managing Director of the firm Venture and an expert in business law, Mr. Habib Iya, Head of the Representation of the Port Authority of Kribi in Douala and Dr. Massouka Yves, Head of the Department in charge of Trade Facilitation and the Regulation of Maritime and Para-Maritime Activities at the Port Authority of Douala.
Mr. Cham Etienne outlined the key principles of AfCFTA which aims to further the Africa's economic integration by creating a single market for the free circulation of goods and capital. This, of course, will help to improve the competitiveness of African economies and substantially increase intra-African trade through, among other things, the reduction and/or elimination of tariff and non-tariff barriers.
Some services such as transportation, financial, tourism, telecommunications and business services have been identified as priority areas of the AfCFTA implementation strategy. Based on a progressive dismantling principle, goods of the first group should be subject to liberalization rates as low as 0% by 2030.
Since its implementation on such a vast market is not easy from an operational standpoint, sub-committees have been set up to help operationalize AfCFTA in those States Parties that have indicated their readiness. It is in this context that Mr. Auguste Mbappe Penda was designated chairperson of the Ad hoc Sub-Committee in charge of facilitating the implementation of the AfCFTA Guided Trade Initiative in Cameroon.