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President and Chairperson of African Export-Import Bank (Afreximbank), Benedict Okey Oramah, emphasized that the African Continental Free Trade Area (AfCFTA) was a key solution that could help Africa strike a balance between climate action and sustainable development
President and Chairperson of African Export-Import Bank (Afreximbank), Benedict Okey Oramah, emphasized that the African Continental Free Trade Area (AfCFTA) was a key solution that could help Africa strike a balance between climate action and sustainable development. He was delivering a speech at the second edition of the Egypt-International Cooperation Forum (Egypt-ICF) 2022, which kicked off recently at the New Administrative Capital.
Oramah stressed that the AfCFTA adjustment facility required funding worth US$8-10 billion, which would enable countries to offset significant tariff revenue losses consequent to the implementation of the continental free trade agreement.
Oramah also said that the regional value chains that AfCFTA promised to promote could reduce up to 80% of carbon emissions, which were due to the shipping of raw materials from Africa to the rest of the world. He underscored that the AfCFTA to be given more attention and support at COP27 and be seen as a priority for Africa’s development.
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The AfCFTA is the largest free-trade area in terms of the participating countries since the formation of the World Trade Organisation (WTO). It unites the 55-member countries of the AU in tariff-free trade, which have a cumulative GDP of US$2.5trillion and a market of 1.2 billion people. The AfCFTA is hoped to encourage Africa’s trade to diversify away from its traditional commodity exports outside of the continent.
