Uhuru ratifies Africa’s landmark trade pact alongside other leaders

President Uhuru Kenyatta was among 44 heads of delegations who ratified the landmark African Continental Free Trade Area (AfCFTA) treaty in Kigali, Rwanda, yesterday.

Among the delegations from 54 African States that attended the African Union (AU) Summit in Kigali, 27 leaders including Uhuru signed the second protocol establishing the African Economic Community relating to the free movement of people, right of residence in the signatory countries and right of establishment.

In addition, he was among the 43 heads of delegations who also signed the third protocol dubbed the “Kigali Declaration” to formally launch the AfCFTA.

Three protocols

All the East African countries (except Burundi, which did not attend the Summit) signed all the three protocols.

Kenya was recognised as a great nation when Uhuru completed his turn to sign the three protocols.

The African leaders termed the creation of AfCFTA the greatest step since the formation of the AU.

Only 22 member countries were required to sign the agreement to make the AfCFTA treaty operational.

The AfCFTA aims to establish a single liberalised market that will spur industrialisation, infrastructural development, economic diversification and trade across the continent, which is home to 1.2 billion people.

The pact also seeks to promote industrial development through diversification, regional value chain development, agricultural development and food security.

When the AfCFTA pact is fully operationalised in the signatory State parties, residents of these nations will enjoy the convenience of a single passport and currency.

The AfCFTA binds all State parties to eight objectives including the progressive elimination of tariffs and non-tariff barriers to trade in goods.

The signatory State parties are also expected to progressively liberalise trade in services, co-operate on all trade-related areas and on investment, intellectual property rights and competition policy.

The State parties also committed themselves to co-operate on customs matters and the implementation of all trade facilitation measures.

Additionally, African states will establish a mechanism for the settlement of disputes concerning their rights and obligations.

New milestone

The African nations will further establish and maintain an institutional framework for the implementation and administration of the AfCFTA pact.

Speaking at the ceremony hosted by Rwanda’s President Paul Kagame, who doubles as the AU chairman, various leaders agreed that the new milestone would end the balkanisation of the continent into fragmented economies and markets.

Mr Kagame said the new agreement expressed unity in moving the continent forward with the hope of restoring the dignity of African farmers, traders and entrepreneurs, who will be able to market their value-added goods globally.

Niger President Mahamadou Issoufou, who is also the leader of the AfCFTA, described Africa as the continent of the future that will now enjoy higher growth.