AU Commission to establish ‘Made in Africa’ standards
The African Union Commission is currently in the process of establishing a “Made in Africa” standard that will promote quality and productivity in addition to contributing to the elimination of technical barriers to trade.
“As the African private sector organizes itself at the continental level, the greatest challenge it faces is to supply to scale, with goods and services, the 1.3 billion market of the African Continental Free Trade Area (AfCFTA).
“A vacuum or failure to do this would bring in trans-shipments or trade deflection, if that happened, the AfCFTA market would be weaker,” AU Commissioner of Economic Development, Trade, Industry and Mining, Ambassador Albert Muchanga stated at the 12th African Private Sector Forum in Cairo, Egypt.
He said “equally important, there would be de-industrialization across Africa; Jobs and prosperity would consequently be lost, and with them, the vision of creating the Africa We Want”.
He added that the Secretariat of AfCFTA was working on a regime on rules of origin, which will; among others, forestall trans-shipments or trade deflection.
Mr Muchanga observed that as the African continent enhanced efforts to recover from the COVID-19 Pandemic, to grow its economy and make it more resilient from future shocks, the private sector must be at the centre of those efforts.
Dr Amany Asfour, newly elected President of the African Business Council observed that for Intra-African Trade to be sustainable, focus must be given to private sector strengthening capacity building for Micro, Small and Medium Enterprises.
He said policy advocacy through a fair share of procurement to both public and private entities and through financial inclusion; and support of product development through value addition of African natural resources, designing, fine finish and branding of “Made in Africa’ products.
Contributing to the discussion, Mr. Denys Denya, Afreximbank’s Executive Vice President Finance and Banking Services, noted the significance of the African Private Sector Forum to rally the support of policy-makers and the private sector in the COVID-19 pandemic recovery efforts.
Mr Denya observed the role of the AfCFTA in revitalizing trade and reshaping the growth of African economies, while expanding opportunities for the largest demographic dividend, the youth, and in breaking the artificial borders that hamper intra-African trade.
“While the policy-makers are driving the operationalization of the AfCFTA, the private sector play a critical role in the full and successful implementation of the common market,” he said.
The African Private Sector Forum is an annual gathering of stakeholders in the public and private sector convened by the African Union, to promote the work of the AU in the area of economic integration and private sector development and engagement.
The Forum also acts as a vehicle for empowering the African Private Sector through advocacy, Networking, sharing of business and market information and skills.
