LOME, May 19 (Xinhua) -- Secretary-General of the African Continental Free Trade (AfCFTA) Secretariat Wamkele Mene has said that the continent is beginning to witness impressive intra-regional trade under the AfCFTA.
Mene made the remarks on Monday in Lome, the Togolese capital, during the opening of the third edition of Biashara Afrika, an annual Pan-African business and investment forum held by the AfCFTA, that the value of intra-African trade increased to 220 billion U.S. dollars in 2024, a 12.5 percent increase from the previous year.
He noted that the Guided Trade Initiative, started in September 2022 by the AfCFTA Secretariat, has shown that it is possible and practical to transform trade using AfCFTA preferences.
Progress in rules of origin negotiations, including breakthroughs in sectors such as automotive manufacturing, is also laying the foundation for stronger regional value chains and industrial development, Mene added.
The AfCFTA's auto sector local content rules are robust in fostering industrial development, job creation, and enabling a competitive auto sector in Africa for the benefit of the entire continent, not just the auto producers, he said while calling for more investment in the sector.
Mene said the success of the AfCFTA would depend on sustained political commitment, stronger institutions, coordinated investment, private sector leadership, and effective implementation at national, regional and continental levels.
"If we maintain this momentum and work together with purpose and determination, the AfCFTA can help build a more industrialized, connected, resilient and prosperous Africa," he said. ■
