As the 4th German African Business Summit (GABS), comes to a close today in Johannesburg, South Africa, we reflect on key highlights focusing on the Africa Continental Free Trade Area which will undoubtedly facilitate the creation of opportunities to accelerate intra-Africa trade, growth of the private sector, employment creation through leveraging on the potential of SME’s and increased infrastructure development in the African continent.
- African Leaders to give impetus to expediting the process of finalising and implementation of:
a. Schedules of tariff concessions and services commitments.
b. Rules of origin, investment, intellectual property and competition.
c. Development and implementation of a possible protocol on e-commerce.
- Partnerships of “equals” between the EU, African Union and its Member States.
It cannot be overemphasized that AfCFTA presents a huge opportunity that Africa can leverage to catalyse economic recovery and trade across borders, an important aspect that was re-echoed and stressed at the GABS summit. The challenge remains for the African leadership working closely with its trading blocks in the region to actualise AfCFTA.
GABS serves as an important platform where German and African business interests meet, where economic partnerships between Germany and Sub-Saharan Africa are strengthened, and where #business trends and market opportunities are explored.