The new African Continental Free Trade Area (AfCFTA) is not only a symbol of the continent’s business resilience but is rapidly reshaping global as well as intra-Africa trade to deepen the longstanding relationship between Africa and Dubai, top officials told the Global Business Forum (GBF) Africa.

"The United Arab Emirates and Dubai, in particular, have long played a key role in linking Africa to the wider global economy. This interconnectedness has been mutually beneficial, and we wish to continue to deepen those collaborations," Paul Kagame, the President of Rwanda, said during his special address at the Forum on 14^th October 2021.

Held under the patronage of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, GBF Africa 2021 – the sixth edition in the series – was organised by Dubai Chamber under the theme ‘Transformation Through Trade’. The two-day event was hosted in partnership with Expo 2020 Dubai.

In a recorded video message, Kagame stressed that while the global economy was slowly getting back on its feet, it would never revert to its former model. "No country or continent has been spared the damaging effects of the COVID-19 pandemic. Africa is no exception,” he said.

Building supply chains resilience

"Some of the changes will be profound and lasting. The crisis in international shipping and transportation is already generating new thinking. Manufacturing and supply chains will need to become more resilient to more local and more technologically advanced," he added.

Kagame said that this new economic paradigm would give his country many opportunities, with the global pandemic occurring alongside technological advancements having opened doors for sectors of the Rwanda economy, as well as for the wider continent of Africa.

President Kagame’s comments came in the wake of the AfCFTA gaining momentum with 41 ratifications from member countries till date. Implemented on January 1, 2021, the agreement is considered the foundation for enhanced cross-continental trade in Africa. Signed by 54 countries, the agreement comprises the reduction of tariff and non-tariff barriers, the simplification of custom procedures, and the elimination of red tape with the aim of creating a single market for goods, persons, and services.  You can read more about this story on Gulf News

Posted by Pierre Muyombano