Ahead of the Africa Continental Free Trade Area (AfCFTA) in January, next year, President Muhammadu Buhari has urged African nations to defend and preserve the rules guiding the trade agreement.
President Buhari noted that the agreed rules would ensure that there are no breakdowns or abuses of the continental free trade framework.
The President, who was represented by the Foreign Affairs Minister Geoffrey Onyeama, at the 13th extraordinary sessions of the Assembly of the African Union (AU), said: “Nigeria is keenly aware of her role in deepening intra-Africa trade and making it a success. We remain open to transparently work with our brothers and sisters across Africa, in the spirit of cooperation, to deepen continental integration through the free movement of goods, natural and legal persons across the continent.
“We must remain strident and committed in our support for the instrument, while timeously addressing actions that could lead to breakdown of the rules-based African Continental Free Trade Area.
He described the successful commencement of trade in January 2021 as the fulfilment of the collective dreams of the continent’s founding fathers for a better, united, peaceful and prosperous Africa.
He added that an abuse of the rules could be a recipe for strained trade, relations disorders, regional and geopolitical tensions and reduced economic growth.
On the challenges COVID-19 pandemic has caused across the world, President Buhari advised leaders to address and close noticeable gaps as the rules-based system will provide the essential balance previously lacking in trade relations.
Emphasising the importance of the agreement, he said: “This agreement is strategic and relevant to the establishment of an economic and legal framework for intra-Africa trade relations and further serve as a platform for deepening Africa’s Integration into the global economy.
“We are optimistic that opportunities abound within the AfCFTA framework for the engagement of business that would foster and facilitate trade as well as investment flows and the growth of regional and global value chains.
“It is important that the launch of trade in 2021 produces a win-win situation and shared prosperity for all member-states.”
The President assured fellow Africans that Nigeria was taking necessary steps to prepare for the effective commencement of trading on January 1, 2021.
Last Friday, Nigeria submitted its ratified instrument for AfCFTA at the Africa Union (AU) headquarters in Addis Ababa in Ethiopia.