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The African Continental Free Trade Area (AfCFTA) is quickly becoming a driver for increased trade within Africa, growth in agriculture, and improved competitiveness in global markets, stated the Executive Director of the Eastern Africa Grain Council (EAGC), Masila.

In an exclusive conversation with ENA, Gerald Masila emphasized the significant impact of AfCFTA on enhancing trade of grains, legumes, and oilseeds within the region and globally.

He stated that the continental agreement is creating new possibilities for more straightforward, cost-effective, and reliable cross-border trade, which is essential for enhancing Africa’s agricultural supply chains and boosting food security.

The Executive Director mentioned that Kenya continues to be the top destination for Ethiopian pulses, accounting for almost 70 percent of the nation’s regional exports. This amount is expected to increase substantially due to AfCFTA’s favorable tariff rates.

“Under AfCFTA, a greater portion of cross-border transactions will become formal, guaranteeing appropriate revenue streams for governments and reducing trade expenses for companies,” he stated.

Lowered fees as part of the agreement will also enhance the competitive pricing of Ethiopian soybeans in regional markets, reducing the cost of animal feed and boosting livestock-related value chains, such as dairy, poultry, goats, and pig farming.

The AfCFTA partnership creates opportunities for Ethiopian producers and sellers to access broader international markets via regional port facilities. And ‘this marks a major success for the nation’s agricultural exporters.’

The Secretary of the Nigeria National Sesame Seeds Association, Ilyasu Ishak, also emphasized Ethiopia’s significant contribution to Africa’s agricultural industry.

Ethiopia continues to be Africa’s top exporter of legumes, sending out more than 350,000 metric tons each year, he mentioned.

These enable Ethiopia to emerge as a key player under AfCFTA, with great potential to broaden its regional and global market presence, the Secretary added.

The AfCFTA is already boosting trade within the region and providing Africa’s 1.4 billion residents with access to one of the world’s biggest unified markets.

Ishak emphasized that the market is capable of sustaining the continent’s economies, simultaneously enhancing employment opportunities and improving business prospects for producers, processors, and exporters.

He noted, “with the preferential tariffs of AfCFTA and enhanced regulatory alignment, cross-border trade is anticipated to increase even more.

Moreover, he mentioned that the Free Trade Area is not solely increasing trade possibilities but also promoting rural growth, fostering the enhancement of value, and reinforcing supply chains throughout Africa.

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Tagged: Ethiopia, Trade, East Africa, Economy, Business and Finance

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