WINDHOEK, July 9 — Namibian Minister of Finance Calle Schlettwein on Tuesday said Africa is set to unlock a multi trillion dollar economy following the ratification of the Free Trade Area by African heads of government in Niger this week.
Schlettwein added that the grandiose FTA will unlock major opportunities for Namibia to diversify its economy and also open a new market base for its products.
“The AfCFTA creates opportunities to diversify our economy. Five instruments were launched: AfCFTA rules of Origin; Tariff Concession Portals; Portal on Monitoring and Elimination of Non-Tariff-Barriers; Digital Payments and Clearing System. Now we need finished goods to trade with,” said Schlettwein.
According to the FTA negotiation document, inter-Africa trade currently stands at 17 percent and is heavily impeded by poor infrastructure and heavy cross border tariffs. – XINHUA