Accelerate the construction of a large African trade zone free of customs duties, in particular… This is what Comorian President Azali Assoumani, who this year holds the presidency of the African Union, is committed to.
Since its entry into force in 2021, the African Continental Free Trade Area is still far from its objectives.
“This year, I have made it my mission to accelerate the construction of the African Continental Free Trade Area, which represents a great opportunity and will bring enormous benefits to Africa. Africa will also help countries outside the region.
Taking the example of the Comoros, we need to create favourable investment conditions, so that investments are not limited to local areas, but can also flow to countries like Madagascar and Tanzania. This will create healthy competition within the African Continental Free Trade Area. This is very important,” said Azali Assoumani.
With high customs duties, administrative hassles, and a lack of tax harmonization: trade between African countries remains complicated.
According to a 2014 African Union study, shipping a vehicle from Japan to the Ivory Coast would cost three times less than shipping the same vehicle from the Ivory Coast to Ethiopia.
Source: Africanews
