AfCFTA Secretary General Heaps Praises on Liberia -Describes Ratification of Trade Agreement ‘Quite Remarkable’

MONROVIA – The African Continental Free Trade Area (AfCFTA), the world’s largest free trade area, comprises the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs) to create a single market for the continent. Its principal purpose is to enable the free flow of goods and services across the continent and boost the trading position of Africa in the global market. Africa’s oldest nation, Liberia, was there May 30, 2019 as a midwife of this great organization, and have since remained committed to its ideals and programs. One recent demonstration of such a commitment came when Liberia ratified a major trade agreement for which the head of secretariat, Wamkele Mene, lavished praises on the country. The Analyst reports.

The Secretary General of the Secretariat of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has hailed Liberia for its ratification of a major trade agreement, describing the move as “remarkable.”

On July 31, 2024, Mene said the ratification of the AfCFTA Agreement was “quite remarkable,” expressing his satisfaction with the rapid progress of Liberia’s ratification process, making it the 48th state party to the AfCFTA.

In a meeting with the Minister of Commerce and Industry, Amin Modad, the AfCFTA Secretariat Secretary-General emphasized his enthusiasm to be in Liberia and committed to collaborate with the Government of Liberia to develop a strategy aligned with the AfCFTA framework, committing to support capacity development initiatives.

“We will send a team to work with you to ensure we have a national strategy that is aligned to the private-sector strategy and is consistent with the overall AfCFTA goals,” he said.

Addressing the issue of capacity building, he highlighted a comprehensive program that has been designed for all member countries, focusing on capacity development rather than merely monitoring compliance and obligations. He invited Liberia to join the AfCFTA’s “Guided Trade Initiative,” which facilitates trade for countries ready from a customs systems perspective.

“The AfCFTA represents the last chance for Africa,” Mene stressed. “If we can’t get it right now, I cannot see another opportunity for our continent to lift ourselves.”

Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, H. E. Wamkele Mene makes remarks at Wednesday’s Meeting in Monrovia

The Minister of Commerce and Industry, Hon. Amin Modad, expressed deep appreciation for the visit and the AfCFTA Secretariat’s support for Liberia’s integration into the continental free trade framework.

“We are truly honored by your presence and the continued support for our journey towards economic integration,” Modad stated, acknowledging the pivotal role the AfCFTA will play in Liberia’s economic development strategy.

Minister Modad highlighted critical infrastructure challenges in Liberia, such as limited transportation networks, energy supply, and telecommunications. He expressed a desire for support in developing and upgrading infrastructure through public-private partnerships, which are crucial for efficient trade under the AfCFTA framework.

Another major concern raised was the need to build industrial capacity, given Liberia’s limited industrial base and the necessity for value addition in key sectors like agriculture and mining. He urged the AfCFTA to support capacity-building initiatives, including technology transfer, industrial training programs, and the establishment of special economic zones (SEZs).

The Minister also emphasized the importance of facilitating trade finance, particularly for small and medium-sized enterprises (SMEs) and pointed out inefficiencies in the current trade facilitation infrastructure. He proposed the development of innovative financial products for trade finance and enhancements in trade facilitation infrastructure, including the implementation of single-window system.

He stressed the importance of skills development to address the skills gap in Liberia’s labor market. “We seek support for vocational and technical training programs and continuing education initiatives to build a competent labor force,” he stated.

Recognizing the vital role of the private sector in implementing the AfCFTA, Minister Modad called for enhanced engagement with private enterprises and the development of monitoring and evaluation mechanisms to track progress and assess the impact of AfCFTA implementation on Liberia’s economy.

The commerce minister reaffirmed Liberia’s unwavering commitment to the AfCFTA and its goals of fostering economic integration and sustainable development. “We look forward to ongoing dialogue and engagement to address emerging challenges and opportunities in the AfCFTA implementation process,” he concluded.

The African Continental Free Trade Area (AfCFTA) is a key project under the African Union’s Agenda 2063, a development framework aimed at promoting socio-economic growth and development by accelerating intra-African trade and enhancing Africa’s trading position globally. Liberia, which signed the AfCFTA at its inception on March 21, 2018, ratified the agreement in July 2023.