African Caribbean Free Trade Agreement Requires Multi-Faceted Approach- Minister
Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment (FMITI), says developing the African Caribbean Free Trade Agreement will require a multi-faceted approach. Inclusive
Uzoka-Anite said this at a Plenary Session: “Towards An Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination” at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas.
Uzoka-Anite said the agreement would involve multi-stakeholders whose roles would need to be clearly defined. The role of government, the private sector, international development communities, and civil society have to be defined. There has to be a multi-stakeholder engagement to address all the issues.
“When we have a focused and inclusive discussion, listening to diverse opinions and considering them in negotiations, we take the first step in breaking down barriers, because we are going to see a lot of barriers.
Uzoka-Anite said strong political will from the political leaders was also needed to achieve the development of the African-Caribbean Free Trade Agreement. She mentioned that the African Continental Free Trade Area (AfCFTA) was successful because the African Union leaders backed it with their political will.
“We need to see the same thing happen between the African and Caribbean countries.” The minister also said there was a need to clarify how the two regions would develop communication and infrastructure, citing no direct flights, and visa restrictions between the regions as a challenge.
She, however, said the partnership between the regions was supposed to address those challenges. Opening the trading routes and developing market access so that there is a free flow of goods either through the sea are things we should be looking at.
“So, we need to do seaports, airports, road networks infrastructure, and digital network infrastructure for communication to happen. All that infrastructure has to be developed.” Uzoka-Anite said a strong policy framework needed to be in place by harmonising them to ensure their alignment, including the different agreements the two regions already had in place.
She emphasised the need to create incentives for private sector involvement in the agreement, as the sector would be the major driver of the agreement. Uzoka-Anite said there was also the need to ensure the removal of tariff and non-tariff barriers to trade, however, not at the detriment of each country’s nationalistic objectives.
“Even though we are looking for global and economic integration within the regions, every country has their nationalistic objective and their duty to provide infrastructure, job creation and sustainable growth for their citizens.
“ Therefore, you do not want the free trade agreement to destroy what you are building. All this has to be considered,” she said. Uzoka-Anite said dispute resolution mechanisms have to be in place to ensure the agreement is enforced in an equitable, efficient, and transparent way “where everybody feels they are part of it.”
The minister said there was also the need to harmonise different standards even amongst the financial services. How do I bring the banking sector from Africa into the Caribbean? how do I ensure there is free movement of professionals with different licensing regimes, different qualifications, etc?
“ All these need to be considered in developing the free trade agreement itself.” She said apart from the challenges, there were many opportunities to benefit from the economic, and regional integration that the African Caribbean free trade area would offer.
Uzoka-Anite said the creative sectors- fashion, music, film, technology, agriculture and tourism sectors; and cultural exchange, all had strong potential for growth. Even harvesting technology transfers between emerging areas like renewable energy and some industries. Now the Caribbean is discovering oil.
“We have a lot of skills and technology especially in Nigeria for example that we can transfer this knowledge, and lessons learnt between ourselves.
“When we put the opportunities and the benefits before our negotiating parties or before our countries and we understand that we are stronger together than separately, it begins to help us move in that direction.”
Albert Muchanga, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, said it was necessary to build stakeholders ownership to achieve the trade agreement between the two regions.
Christopher Edordu, Former President, Afreximbank, suggested going slow to achieve positive results on the trade agreement. Mrs Pamela Coke-Hamilton, Executive Director, International Trade Centre, said the political will was needed to achieve the trade agreement between the two regions.
“ Next is to drill down to the specifics then get the youths to feel it is worth it for them. If they don’t buy the idea there is no point.”
Albert Ramidin, Minister of Foreign Affairs, Suriname, said the discussion on the agreement between the two regions would require political ownership and commitment.
“I believe we need as soon as possible a document outlining the scope of this endeavor, present it to the African and Caribbean leaders, receive their mandate with a timeline and roadmap to execute and the rest will follow.”
Dr Didadus Jules, Director-General, Organisation of Eastern Caribbean States, said all the sectors should be brought to the table, especially the private sector and the youth economy.
“The youths have the greatest appetite for innovation. Also Open up the means of communicating for people, so that exchange can happen. TotalEnergies Shareholders Get N8.39bn Dividend for 2023 Financial Year
