Algeria joins Guided Trade Initiative to boost pan-Africa trade
Algeria joins guided trade initiative to boost pan-Africa trade
Xinhua | 17the December 2023
Algeria’s Minister of Trade and Export Promotion Tayeb Zitouni declared on Saturday his country’s accession to the Guided Trade Initiative, as part of its effective implementation of the African Continental Free Trade Area (AfCFTA) agreement.
The announcement was made at a forum held in Algiers that gathered influential African economic officials and experts, including AfCFTA Secretary-General Wamkele Mene.
"This announcement underscores Algeria’s commitment to advancing pan-African trade," Zitouni was quoted as saying by the Algeria Press Service.
He further highlighted the new membership’s importance for the region, saying that it will streamline trade exchanges between Algeria’s economic entities and those of other member states, boost Algeria’s non-hydrocarbon exports, and support the expansion of pan-African trade volumes through the AfCFTA.
Zitouni said that the move is in line with the AfCFTA’s principles, which include removing customs barriers and facilitating smoother trade exchanges.
Inaugurated during the 10th meeting of the AfCFTA Council of Ministers in Accra, Ghana, on Oct. 7, 2022, the Guided Trade Initiative seeks to evaluate the operational, institutional, and legal aspects that are critical to execute the AfCFTA agreement.
The initiative aims to promote trade exchanges and offer member states that fulfill the necessary requirements preferential benefits outlined in the agreement.
Countries actively engaged in the initiative include Tunisia, Egypt, Kenya, Ghana, Cameroon, Rwanda, Mauritius, and Tanzania.
The AfCFTA agreement is an ambitious trade pact that aims to turn Africa into a large free trade area.
