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46 AfCFTA members sign cooperation protocols to support e-commerce in Africa: Afreximbank

46 AfCFTA members sign cooperation protocols to support e-commerce in Africa: Afreximbank

Daily News | 12th November 2023

By Shaimaa Al-Aees

Emily Mburu-Ndoria, Director of Trade in Services, Investment, IPR, and Digital Trade at the African Continental Free Trade Agreement (AfCFTA), announced that several cooperation protocols have been signed to support and finance e-commerce in Africa. These protocols were approved by 46 African countries that are part of the AfCFTA, to boost investment and build investor confidence to achieve sustainable development.

She made these remarks during the South-South Investment Forum, which was held on the second day of the IATF2023 Conference and Exhibition in Cairo. The event was organized by the African Export-Import Bank (Afreximbank).

She explained that the bank aims to facilitate the investment climate in Africa by adopting binding legislation and trade agreements for the AfCFTA members. This would help investors to do business within the continent, and allow them to transfer goods, services, and e-commerce easily across the region. She also mentioned the use of advanced payment methods in African and Asian markets to promote development and improve infrastructure.

She added that Afreximbank contributes to building various capacities to ensure the implementation of policies that stimulate investments and attract more investors to the African market. She urged governments to offer incentives and create a favorable business environment to facilitate trade within Africa, reduce customs tariffs, and eliminate other non-tariff barriers. This would enhance the interconnection between various organizations outside Africa, such as the United Nations Industrial Development Organization (UNIDO) and the Export-Import Bank of China, and establish free industrial and investment zones in Africa.

She highlighted the need to increase joint investment opportunities with the regions of southern Africa and Asia, strengthen the partnership between the public and private sectors in the two regions, and increase the opportunities for digital transformation, especially in payment and factoring processes.

 source: Daily News