African countries can make trade cheaper, faster and easier if they implement AfCFTA – WTO
African countries could reduce trade costs by 15 per cent if they fully implement the continent’s Trade Facilitation Agreement, according to the World Trade Organization (WTO).
In a statement copied to ghanabusinessnews.com, the WTO calculated that current trade costs for developing countries and found that the costs are equivalent to applying a staggering 219 per cent tariff on international trade, which is hurting Africa.
African countries seeking to reduce the cost, time and complexity of interregional and international trade in goods will gather for the First African Forum for National Trade Facilitation Committees in Addis Ababa, Ethiopia, on 27–29, 2018. The event, organized by the United Nations Conference on Trade and Development (UNCTAD) and seven partner organizations, comes as Africa scales up its trade easing efforts after the WTO’s Trade Facilitation Agreement entered into force in February 2017 and as it prepares to implement the AfCFTA signed in March 2018, the release said.
According to the WTO, the rate of implemented commitments under the Agreement as of October 2018 stood at 60 per cent – but broken down by level of development, a new picture emerges, with developed countries having achieved 100 per cent of commitments, developing countries having achieved 60 per cent of commitments and least developed countries just 22 per cent of commitments.
The Secretary-General of UNCTAD, Mukhisa Kituyi, commenting, said the organization has supported Africa’s work on trade facilitation for decades, and calls on stakeholders to help boost international trade for developing countries.
“UNCTAD has supported Africa’s work on trade facilitation for decades, including with our ASYCUDA automated customs systems, and capacity building programmes. The culmination of this work is to support the institutions that can make trade work for all, and National Trade Facilitation Committees must become the agents of change to boost international trade for developing countries,” he said.
By Asabea Akonor
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