Building Africa’s single marketplace

The Intra-African Trade Fair (IATF) has commenced in Cairo, set to run until the 16th of November. African governments, public and private sector leaders have converged to pave the way towards a single marketplace for the continent. Peter Varndell, CEO of the NEPAD Business Foundation, sheds light on the significance of the event and its implications for trade in Africa. Varndell highlights the role of the SADC Business Council, established as a regional apex body, in fostering trade among member countries and businesses. The council's focus on unlocking trade barriers, enhancing regional infrastructure, and promoting value chains resonates with the objectives of the African Continental Free Trade Area (AFCFTA) initiative. As Varndell reflects on the lessons learned at the regional level, he emphasizes the importance of addressing trade obstacles to enhance cross-border commerce. He underscores the need for streamlined logistics and efficient trade corridors to reduce costs and enhance trade opportunities. Collaborative efforts among regional trading blocks, such as SADC and East Africa, are seen not as stumbling blocks but as stepping stones towards achieving continental trade integration. Varndell envisions the IATF as a platform to facilitate trade deals, foster connections between companies, and unlock cross-border trade opportunities within and beyond the SADC region. The NEPAD Business Foundation's marketplace initiative seeks to catalyze trade partnerships and market access for member states and companies. The event serves as a vital opportunity to explore trade prospects across different parts of Africa and enhance intra-African trade relations, ultimately advancing the continent's journey towards a unified marketplace.