Intra African trade key to developing African markets, industrialisation

In a bid to strengthen African markets and pave the way for industrialization, the African Union Commissioner on Trade, Albert Muchanga, emphasized the importance of enhancing Intra-African trade. During an interview on CNBC Africa with Kenneth Igbomor, Muchanga highlighted the critical role that trade information plays in facilitating successful business transactions and fostering economic growth across the continent. Muchanga explained that access to trade information is paramount for businesses looking to expand their market reach and ensure the success of their products. He underscored the need for platforms like the Intra-African Trade Fair to provide a space for buyers and sellers to engage, leading to significant business transactions. The Intra-African Trade Fair has proven to be instrumental in boosting trade within the continent, with transactions amounting to billions of dollars and the signing of long-term supply contracts. The effectiveness of the Intra-African Trade Fair lies in its ability to showcase available products, stimulate investments, and foster trade and investment deals. Muchanga emphasized that the fair serves as a mechanism for disseminating crucial trade information and building connections between producers and buyers, ultimately driving economic growth. Moreover, Muchanga addressed the progress of the African Continental Free Trade Area (AFCFTA), acknowledging the complexity of negotiations and the need for transparent communication regarding the implementation phase. He stressed the importance of trade information in facilitating the understanding of trade agreements and protocols among stakeholders. Muchanga highlighted the establishment of the African Trading Authority within the African Union Coalition to monitor and analyze intra-African trade flows, providing valuable insights for policymakers, researchers, and industry players. To enhance stakeholder engagement and ensure the effective implementation of trade agreements, Muchanga advocated for the establishment of National Trade Observatories in member states. These observatories would serve as platforms for governments, private sector entities, and other stakeholders to share information and promote transparency in trade activities. As Africa strives to harness its economic potential and drive industrialization, initiatives like the Intra-African Trade Fair and the AFCFTA play a pivotal role in fostering regional trade integration and economic development. By strengthening intra-continental trade networks, African nations can unlock new market opportunities, drive investment, and propel industrial growth across the continent. In conclusion, the concerted efforts to improve trade information sharing and enhance stakeholder awareness are crucial steps towards realizing the full potential of intra-African trade and advancing economic prosperity in Africa.