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AFCTA RATIFICATION WILL BENEFIT ZAMBIA - YALUMA

Hon Christopher Yaluma

Minister of Commerce, Trade and Industry Christopher Yaluma

MINISTER of Commerce, Trade and Industry Christopher Yaluma says fears that ratifying the African Continental Free Trade Area (AFCTA) may turn Zambia into a dumping ground for imported goods were unfounded.

Speaking when he welcomed the resolutions of the Meeting of Ministers of Trade in Addis Ababa, Ethiopia, Yaluma said the fears were unfounded as the country is already subscribed to wide customs free trade areas in the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA).

“Zambia consulted widely and the proposal for ratification will be taken to Parliament so that Zambia will not be left out of the benefits that will accrue,” he said.

Yaluma said through the Industrial Development Corporation (IDC), the government had implemented mechanisms that will attract more investors in manufacturing and further promote industrialization.

The AFCTA is expected to be officially launched this July during the Extraordinary Heads of State and Government summit slated for Niger.

Once effected it will be the world’s free trade area which will priorities Africa’s Agenda 2063 and a flagship project for the African continent.

So far 49 African countries have signed the document, with only 14 ratifying it and only only 8 are remaining for it to enter into full force.