Senior Special Assistant to the President for Public Sector Issues and Secretary of the National Action Committee on the African Continental Free Trade Agreement (AfCFTA), Mr. Francis Anatogu expressed his optimism that, s’ it is effectively implemented, the AfCFTA will result in the elimination of 90 percent of tariff lines.
According to him, the objective of the African Continental Free Trade Agreement will help deepen the continent’s economic integration, improve and develop intra-African trade, enable rules-based engagement facilitating the settlement of disputes. and tackle harmful business practices.
He made this known during a stakeholder consultation on âDefining the Trade in Services Strategy for the AfCFTA,â said the pact would help harmonize policies, regulations and standards, as well as customs cooperation and mutual administrative assistance.
The AfCTA, he said, will double intra-African trade flows, currently at 15 percent, as well as double Africa’s share in world trade from three percent to six percent over the next 10 years.
In addition, the Nigerian Professor of International Economic Relations at Covenant University, who is also a consultant to the ECOWAS Common Investment Market, Pro. John Aremu during a presentation titled âConceptual issues in Africa, the emergence of AfCFTA integration and its protocolâ said that it is right for Nigeria to ratify the agreement, the constitution provides that such Treaties entered into by the can only become beneficial to the nation if it has its place in Nigerian law to ensure enforceability.