African regulators and policymakers should take deliberate actions to increase awareness of the operational mechanisms of the African Continental Free Trade Area (AfCFTA) so that businesses can leverage the benefits of the agreement, members of a panel session organised by the Pan-African Private Sector Trade and Investment Committee (Paftrac) at the WTO Public Forum have said.
Titled The role of AfCFTA implementation in the establishment of cross-border businesses in Africa, and anchored on the results of the 2024 Paftrac Africa CEO Trade Survey, the session, held in Geneva earlier this month during the WTO Public Forum, focused on the key private sector-led inclusive policies needed to realise the full potential of the AfCFTA.
The panel, which noted that only 40% of respondents to its CEO Trade Survey were familiar with the AfCFTA, said that many businesses across Africa were not fully aware of the benefits and operational mechanisms of the agreement and were, therefore, limited in their ability to leverage the agreement for growth.
They recommended the implementation of awareness campaigns using various channels and the adoption of a digital AfCFTA Business-Ready Certification to help ensure that businesses understand and are able to utilise AfCFTA mechanisms effectively.
African businesses stand to gain immensely from the AfCFTA, but awareness is key. The fact that only 40% of respondents are familiar with the agreement highlights the need for urgent action. Regulators and policymakers must champion awareness campaigns and infrastructure development to ensure businesses are equipped to leverage the opportunities AfCFTA presents, driving growth and cross-border collaboration across the continent, said Prof. Patrick Utomi, chairman of Paftrac.
Participants also challenged regulators to take action to foster cross-border cooperation and development of industrial trade corridors, while also promoting digital skills and digital infrastructure development across the continent.
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