Posted: July 9, 2023
The African Continental Free Trade Area (AfCFTA) has emerged as a game-changer, presenting South Africa with unparalleled benefits and opportunities. This was said by the Director of Africa Bilateral Economic Trade at the Department of Trade, Industry and Competition (the dtic), Mr Calvin Phume, during the AfCFTA awareness workshop which took place in Cape Town.
Phume said the AfCFTA holds immense potential, promising to expand market access for South African entrepreneurs and enterprises, providing them with a gateway to over 1.3 billion consumers across Africa.
“This unparalleled market reach will catalyse a surge in trade, enabling local businesses to tap into new market opportunities, expand their operations, attract investments and bolster their revenue streams,” he said.
He emphasised the transformative power of the AfCFTA and the benefits and opportunities that it will bring to South Africa are truly remarkable.
“We are poised to witness a surge in trade activities, fueling economic growth and fostering cross-border collaboration. With the AfCFTA now in full swing, South Africa stands at the forefront of a momentous trade revolution that will shape the future of the continent encouraging innovation and promoting the development of value-chains, thereby spurring industrialization and job creation across sectors. As businesses gear up to leverage the vast consumer base offered by AfCFTA, the stage is set for unprecedented growth and prosperity,” he said.
In addition, Phume stated that with the implementation of the AfCFTA, South Africa had embarked on a transformative path towards intra-Africa trade that will enhance economic cooperation across the continent.
“When the AfCFTA was muted by the Heads of State and Government of African countries, it was over concerns that African countries were not trading which each other, prompting a comprehensive investigation into potential solutions. Following this examination, it was determined that establishing a continental free trade area would serve as an ideal platform to promote intra-Africa trade among member states of the African continent,” said Phume.
The workshop raised various issues of interest, including funding interventions as presented by the Western Cape Economic Development Department, the advantages of quality management systems by the South African Bureau of Standards, and an informative session on understanding the dtic incentive schemes. Following its successful run, the nationwide workshop is scheduled to continue in the Free State, the Northern Cape, and the North West.
The Director of Africa Bilateral Economic Trade at the Department of Trade, Industry and Competition (the dtic), Mr Calvin Phume speaking during the AfCFTA awareness workshop which took place in Cape Town.
Phumzile Kotane – Acting Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)