Industry experts meeting last week for a virtual discussion focused on resetting, retooling and restarting regional integration in Africa in the wake of the COVID-19 pandemic, underscored the importance of putting small-scale traders at the heart of any initiatives.
The joint webinar, organised on Tuesday by the African Development Bank and Korea Customs Service, looked at service sectors, e-commerce, digital platforms and value chain development as critical factors for accelerating trade and investment in Africa against the backdrop of the global pandemic.
The webinar was delivered in three sessions, moderated by Director, African Legal Support Facility, Stephen Karangizi; Director at Regional Integration and Trade Division, Dr. Stephen Karingi; and Senior Partner at McKinsey, Acha Leke.
“The COVID-19 pandemic has completely changed health and livelihoods of individuals across the world in less than a year,” he said.
“Korea wishes to share all the achievements in system enhancement utilising new technologies with African countries.”
The workshop’s audience heard how regional integration was increasingly central to the continent’s future economic prospects and to attracting foreign direct investment.
The African Continental Free Trade Agreement, already ratified by 30 countries, is expected to come into effect on 1 January, 2021. Uniting all 55 member states of the African Union, the pact will create a market of more than 1.2bn people, including a growing middle class, and a combined gross domestic product of over $3.4tn.
COVID-19 has deepened pre-existing trade frictions within the continent yet offers important growth opportunities and great stories of innovation and highlights the importance of protecting Africa’s place in local value chains, according to Senior Fellow, Peterson Institute for International Economics, Anabel Gonzalez, with the need to “put small scale traders at the heart of the effort.”
She urged governments to strengthen national agencies to provide support to small traders.
“AfCFTA creates a new trade and integration reality…integrating unequal partners across the continent,” said Executive Director of the Trade Law Centre, Trudi Hartzenberg.
