Africa: Existing Global Trade Policies Validate Urgency of Fast-Tracking AfCFTA - Afreximbank

Addis Ababa — President of African Export-Import Bank (Afreximbank), Professor Benedict Oramah addressed the implications of shifting global trade policies, including the reintroduction of reciprocal tariffs by the U.S., noting that such developments further validate the urgency of fast-tracking the African Continental Free Trade Area (AfCFTA).

In a powerful exchange moderated by Michael Rheinegger of the Swiss-African Business Circle on the sidelines of the Swiss-Africa Business Day, Afreximbank President joined WTO Director-General Dr. Ngozi Okonjo-Iweala for an insightful conversation on Africa's evolving trade landscape, policy shifts, and the continent's evolving partnerships.

Prof. Oramah emphasized that the current global trade issues highlight the critical need to expedite the AfCFTA process.

With intra-African trade still accounting for less than 18 percent of total trade, the AfCFTA provides a viable mechanism to build resilient value chains, stimulate industrial growth, and reduce reliance on external markets.

From the launch of Pan-African Payment and Settlement System - PAPSS and the African Trade Gateway to the $10 billion AfCFTA Adjustment Fund, Afreximbank continues to lead on trade facilitation, finance, and digital innovation empowering SMEs, harmonizing regulations, and reducing transaction costs.

Prof. Oramah also spoke to the importance of balancing free trade with industrial development.

Afreximbank's strategic interventions--such as support for industrial parks, a continent-wide automotive strategy, and credit facilities for over 500 African banks--are enabling member states to transition into competitive producers of value-added goods.

Looking ahead, Prof. Oramah called for a deeper relationship between Afreximbank and Switzerland--particularly in pharmaceuticals, agro-processing, research, and commodity trade--to unlock shared growth opportunities and expand Africa's productive base.

Afreximbank remains committed to shaping a trade-enabled future, powered by African solutions and international collaboration.

Read the original article on ENA.