African Continental Free Trade Area Agreement: A Catalyst for Economic Growth and Collaboration

The AfCFTA Workshops: Informing South African Businesses and SMEs on the Benefits of Trading Under the Agreement

The Department of Trade, Industry, and Competition (the dtic) along with the City of Cape Town Metropolitan Municipality, Western Cape Department of Economic Development and Tourism, and the Western Cape Tourism, Trade and Investment Promotion Agency (Wesgro) are organizing a workshop on the implementation and operationalisation of the African Continental Free Trade Area Agreement (AfCFTA). Scheduled for July 7, 2023, at the Southern Sun Cape Sun Hotel, this workshop is part of a series aimed at enlightening South African businesses and export-ready Small and Medium Enterprises (SMEs) on the benefits of trading under the AfCFTA.

The AfCFTA workshops have been held in different parts of South Africa, and their focus is to inform participants about the potential advantages and opportunities presented by the AfCFTA. The agreement seeks to foster partnerships and collaboration amongst private sector businesses, women-owned enterprises, and youth-owned export-ready companies.

Creating a Single Market: The Potential for South African Companies to Unlock Substantial Progress and Benefits

The AfCFTA aims to create a single continental market with a combined Gross Domestic Product (GDP) of around USD 3.4 trillion, which is expected to enable South African companies to unlock substantial progress and benefits by participating in preferential trade beyond the Southern African region. The Chief Director of Africa Multilateral Economic Relations at the dtic, Mr. Sandile Tyini, emphasizes that the workshop aims to communicate and engage with SMEs, as well as women and youth-owned export-ready businesses, on the status of AfCFTA’s implementation, and the opportunities it presents for South African businesses to participate in preferential trade beyond their local region.

Sector Master Plans: Targeting Companies within the Provinces that Wish to Export to the Rest of the Continent

The workshops are centered around six sector master plans: steel and metal fabrication, agriculture and agro-processing, retail-clothing, textiles, footwear, and leather (R-CTFL) value chain, automotive industry, sugar value chain, and forestry. These plans target companies within the provinces that wish to export to the rest of the continent, exposing export-ready businesses to the advantages of trading under the AfCFTA.

Untapped Potential: Exploring New Markets in North, West, Central, and Eastern Africa

South African businesses can tap into previously untapped potential through the AfCFTA by exploring new markets in North, West, Central, and Eastern Africa. The agreement includes mechanisms to support emerging producers, SMEs, women, and youth entrepreneurs, enabling them to partake in and benefit from the opportunities the free trade area offers.

A Catalyst for Economic Growth and Collaboration across the Continent

The AfCFTA not only presents a tremendous opportunity for South African businesses to expand and diversify their export base beyond traditional markets in Southern Africa, but also serves as a catalyst for economic growth and collaboration across the continent. Promoting partnerships and communication with the private sector, SMEs, as well as women and youth-owned businesses, these workshops demonstrate the commitment of the dtic and its partners towards ensuring the successful implementation and operationalisation of the AfCFTA.

Valuable Insights and Guidance: Gaining from the Benefits and Opportunities of the Agreement

As the AfCFTA workshops make their way to the Western Cape, businesses and export-ready SMEs can look forward to gaining valuable insights and guidance on leveraging the benefits and opportunities the agreement presents. The AfCFTA’s potential to bring about significant economic growth and collaboration across the continent is indeed a promising prospect for all involved, heralding a new era of trade and development in Africa.