Minister of Commerce Trade and Industry has signaled the launch of the start of trading under the African Continental Free Trade Area (AfCFTA) Agreement scheduled to commence on 1st January, 2021.
Addressing the media in Lusaka, Christopher Yaluma said the Launch will take place at a virtual event to be graced by the African Union (AU) Chairman and his counterpart and host of the AU Secretariat.
“I take this opportunity to deliver this Press Statement to signal the launch of the start of trading under the African Continental Free Trade Area (AfCFTA) Agreement scheduled to commence on 1st January, 2021,” he said.
“The Launch will take place at a virtual event to be graced by the African Union (AU) Chairman His Excellency Cyril Ramaphosa President of the Republic of South Africa and his counterpart and host of the AU Secretariat His Excellency Nana Akuffo Addo President of the Republic of Ghana,” said the Minister of Commerce trade and Industry.
Mr. Yaluma noted that despite restrictions brought about by COVID-19, member states have remained resolute in ensuring that trade starts on first January 2021 as planned.
“The launch of the start of trading under the African Continental Free Trade Area (AfCFTA) Agreement is a culmination of years of intense negotiations by the AU member states, work which is still going on,” he said.
He said the launch of AfCFTA entails that, African Union member states can now trade with each other across Regional Blocks under a single preferential trading regime.
The Minister further noted that Zambia became a signatory to the Framework Agreement establishing the AfCFTA since 10th February, 2019.
He says Zambia has been given Cabinet approval to ratify the Agreement and it is currently under consideration by Parliament for possible ratification.
“As you may be aware, Zambia is already trading on a preferential basis with 21 of the African countries through the Common Market for Eastern and Southern Africa (COMESA) and 16 countries under the Southern African Development Community (SADC) configurations apart from Angola, Democratic Republic of Congo (DRC), Eritrea and Ethiopia which are not implementing the COMESA or SADC trade agreements or protocols,” he revealed.
Mr. Yaluma noted that Zambia signed the COMESA-East African Community (EAC) – SADC Tripartite Free Trade Area (TFTA) Agreement in 2016.
“When this Agreement comes into force, Zambia will be able to trade on preferential basis with a total of 26 TFTA Member States.”