Seychelles Conducts Second National Workshop on AfCFTA Implementation

Seychelles has initiated its second national workshop on the African Continental Free Trade Area (AfCFTA), building on the prior session’s outcomes. The workshop will focus on developing a tailored implementation strategy essential for Seychelles to engage effectively with the AfCFTA. Key stakeholders are actively participating, aiming to boost the nation’s economic landscape through enhanced trade relations. The AfCFTA aims to create a single African market with free movement of goods and services.

Seychelles has commenced its second national workshop focusing on the African Continental Free Trade Area (AfCFTA), which is pivotal for the nation’s execution of the AfCFTA agreement ratified in 2021. This initiative aims to establish a unified continental market that promotes unrestricted movement of goods, services, and investments while setting the groundwork for a future customs union. Building upon the outcomes from the inaugural workshop held in September, the current session will further elaborate on the implementation strategy tailored to Seychelles’ unique context. Veronique Brutus, the senior trade officer at the Department of Trade, emphasized the collaborative effort involved, stating that consultants will provide guidance during the development of this strategy. Participants will review a draft strategy during the workshop, offering feedback to enhance its effectiveness. Minister of Finance, National Planning, and Trade, Naadri Hassan, indicated that the National AfCFTA Implementation Strategy is essential for Seychelles to realize the benefits of the agreement, highlighting the importance of stakeholder engagement and consensus-building in the strategy’s development. He stated that the effective execution of the strategy could catalyze Seychelles’ industrialization and investment climate, fostering job creation and bolstering competitive capabilities in the African marketplace, in alignment with the National Development Strategy 2024-2028. The workshop, hosted at the Berjaya Beau Vallon Bay Resort, features participation from numerous institutions, including the Fair Trading Commission and the Seychelles Revenue Commission. It is being facilitated by representatives from the United Nations Economic Commission for Africa (UNECA), the United Nations Development Programme (UNDP), and the German development organization Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ). The AfCFTA aims to bolster intra-African trade and improve Africa’s global trading stature by uniting its members under a common policy framework that enhances collective representation in international trade talks. This includes the ambitious goal of establishing a single market for goods and services and enhancing economic integration across the continent. Sujitha Sekharan, the UNDP programme and operations specialist, articulated the significant opportunities that the agreement presents for Seychelles, enabling local businesses to access a vast market exceeding 1.3 billion consumers across 54 countries. This development is expected to invigorate local industries, including fisheries and agriculture, and create job prospects while enhancing trade relations with neighboring nations. As of August 2024, a total of 54 African countries have signed the AfCFTA agreement, with 48 having completed the ratification process, underscoring the widespread consensus around this landmark initiative.

The African Continental Free Trade Area (AfCFTA) is an ambitious agreement aimed at creating a unified market for goods and services across Africa. It facilitates the free movement of business personnel and investment, ultimately intended to promote economic integration and development throughout the continent. Seychelles’ engagement with the AfCFTA is critical, as it seeks to derive significant economic benefits and enhance its competitive stance within an expansive regional market. Seychelles ratified the agreement in 2021, marking a significant commitment to intra-African trade and cooperation.

The second AfCFTA workshop in Seychelles symbolizes a crucial step towards actualizing the potential of the AfCFTA agreement, fostering collaborative efforts among relevant stakeholders. The engagement of various institutions and the emphasis on a participatory approach in strategy development highlight the commitment to long-term economic viability. The expectations outlined by leaders like Minister Hassan and Ms. Sekharan emphasize the transformative impact the AfCFTA could have on local industries and the overall economic landscape of Seychelles.

Original Source: www.seychellesnewsagency.com