Seychelles Advances AfCFTA Implementation with National Workshop

Seychelles has hosted its second national workshop on the African Continental Free Trade Area (AfCFTA), focusing on implementing the agreement to improve trade relations among African nations. The workshop highlighted the importance of a participatory approach in developing a National AfCFTA Implementation Strategy, which aims to enhance Seychelles’ competitiveness and boost its economy through increased trade and investment opportunities.

The Republic of Seychelles recently convened its second national workshop aimed at advancing the implementation of the African Continental Free Trade Area (AfCFTA) agreement. With Seychelles having ratified the agreement in 2021, the workshop is designed to facilitate the creation of a comprehensive strategy that enables free trade and movement among 54 participating African nations. Senior Trade Officer Veronique Brutus emphasized the workshop’s role in refining Seychelles’ implementation strategy with the aid of various consultants, allowing participants to engage in constructive discussions on the draft strategy presented during the session. The session, held at the Berjaya Beau Vallon Bay Resort, welcomed key stakeholders including the Seychelles Revenue Commission and the Fair Trading Commission, and was supported by entities such as the United Nations Economic Commission for Africa (UNECA) and the German development agency GIZ. Minister of Finance Naadri Hassan highlighted the participatory nature of developing the National AfCFTA Implementation Strategy, which aims to fortify Seychelles’ industrial capacity, enhance job creation, and improve its competitive stance within the African marketplace. The AfCFTA agreement is pivotal for enhancing intra-African trade and fostering economic integration by establishing a single market for goods and services. As the agreement provides access to a market comprising over 1.3 billion people, it opens vast opportunities for Seychellois businesses to expand their client base and improve economic conditions across the region. UNDP specialist Sujitha Sekharan noted the potential for local industries including fisheries, agriculture, and handicrafts to thrive amid broader market access, while simultaneously highlighting the ease of trade relations with neighboring African countries. As of August 2024, a total of 54 African states have signed the AfCFTA agreement, with 48 having ratified it, underscoring the commitment of the continent towards greater economic integration.

The African Continental Free Trade Area (AfCFTA) represents a landmark agreement aimed at creating a unified market across Africa, promoting intra-continental trade and investment. Established to enhance the economic integration of African nations, the AfCFTA strives to facilitate the cross-border movement of goods and services, thus enabling member countries to collectively boost their trading positions on the global stage. Seychelles, as an island nation, recognizes the strategic importance of this agreement for fostering economic growth and development.

In summary, the second AfCFTA national workshop in Seychelles signifies a crucial step towards the effective implementation of the AfCFTA agreement, aiming to strengthen the island’s economic capabilities. Additionally, the participatory approach advocated for the development of a National Implementation Strategy is expected to promote collaboration among various stakeholders, ultimately leading to enhanced industrial growth, job creation, and regional competitiveness. Seychelles seeks to harness the opportunities presented by the AfCFTA to foster sustainable economic advancement.

Original Source: www.seychellesnewsagency.com