-- Commits to support trade and capacity development initiatives
The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, has lauded Liberia for the ratification of the AfCFTA Agreement, which he described as "quite remarkable."
The Secretary General expressed his satisfaction with the rapid progress of Liberia's ratification process, making it the 48th state party to the AfCFTA.
Speaking on Wednesday during a meeting with the Minister of Commerce and Industry, Amin Modad, the AfCFTA Secretary-General emphasized his enthusiasm to be in Liberia and committed to collaborate with the Government of Liberia to develop a strategy aligned with the AfCFTA framework, committing to support capacity development initiatives.
Said SG Mene: "We will send a team to work with you to ensure we have a national strategy that is aligned to the private-sector strategy and is consistent with the overall AfCFTA goals."
Addressing the issue of capacity building, he highlighted a comprehensive program that has been designed for all member countries, focusing on capacity development rather than merely monitoring compliance and obligations.
He invited Liberia to join the AfCFTA's "Guided Trade Initiative", which facilitates trade for countries ready from a customs systems perspective.
"The AfCFTA represents the last chance for Africa," Mene stressed. "If we can't get it right now, I cannot see another opportunity for our continent to lift ourselves."
The Minister of Commerce and Industry, Amin Modad, expressed deep appreciation for the visit and the AfCFTA Secretariat's support for Liberia's integration into the continental free trade framework.
"We are truly honored by your presence and the continued support for our journey towards economic integration," Modad stated, acknowledging the pivotal role the AfCFTA will play in Liberia's economic development strategy.
Minister Modad highlighted critical infrastructure challenges in Liberia, such as limited transportation networks, energy supply, and telecommunications.
He expressed a desire for support in developing and upgrading infrastructure through public-private partnerships, which are crucial for efficient trade under the AfCFTA framework.
Another major concern raised was the need to build industrial capacity, given Liberia's limited industrial base and the necessity for value addition in key sectors like agriculture and mining. He urged the AfCFTA to support capacity-building initiatives, including technology transfer, industrial training programs, and the establishment of special economic zones (SEZs).
The Minister also emphasized the importance of facilitating trade finance, particularly for small and medium-sized enterprises (SMEs) and pointed out inefficiencies in the current trade facilitation infrastructure.
He proposed the development of innovative financial products for trade finance and enhancements in trade facilitation infrastructure, including the implementation of a single-window system.
He stressed the importance of skills development to address the skills gap in Liberia's labor market. "We seek support for vocational and technical training programs and continuing education initiatives to build a competent labor force," he stated.
Recognizing the vital role of the private sector in implementing the AfCFTA, Minister Modad called for enhanced engagement with private enterprises and the development of monitoring and evaluation mechanisms to track progress and assess the impact of AfCFTA implementation on Liberia's economy.
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The commerce minister reaffirmed Liberia's unwavering commitment to the AfCFTA and its goals of fostering economic integration and sustainable development. "We look forward to ongoing dialogue and engagement to address emerging challenges and opportunities in the AfCFTA implementation process," he concluded.
The African Continental Free Trade Area (AfCFTA) is a key project under the African Union's Agenda 2063, a development framework aimed at promoting socio-economic growth and development by accelerating intra-African trade and enhancing Africa's trading position globally. Liberia, which signed the AfCFTA at its inception on March 21, 2018, ratified the agreement in July 2023.
