The fund is expected to serve as a vehicle for mobilizing funds, develop and operate a compensation facility aimed at mitigating the short-term impact of tariff revenue losses of state parties.
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The launch was hosted by the Minister of Foreign Affairs,
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Continental integration initiatives and engagement
During the launch, Karera hosted Wamkele Mene, the AfCFTA Secretary General, and his team, to discuss various continental integration initiatives and engagement related to partnership in the successful implementation of the AfCFTA and how the agreement is poised to benefit the private sector in the EAC.
Karera appreciated the Secretary-General for his continued involvement of the private sector in the AfCFTA implementation process and most importantly championing the roll-out of the AfCFTA Guided Trade Initiative that has practically enabled businesses to trade and called upon the private sector in the EAC region to take up the opportunity presented by the initiative.
In
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According to the EABC, the continental priorities presented to the AfCFTA Secretary General include:
1. The AfCFTA Secretariat to support the regional Business Councils including EABC, SADC, COMESA, ECOWAS Business Councils and any other that would want to join, in establishing a formal engagement platform with the AfCFTA Secretariat and implementation of the agreement jointly.
2. The AfCFTA Secretariat and the EABC to work on a joint AfCFTA awareness strategy aimed at scaling up sensitization of the private sector on the AfCFTA protocols and its benefits to the private sector.
The Strategy is to be launched at the forthcoming AfCFTA business forum slated to take place in
3. On mobilizing resources to support regional Business Councils to raise awareness on matters pertaining to the AfCFTA, the Secretary-General committed to supporting the EABC-AfCFTA promotion programmes through the private sector support programmes at AfCFTA Secretariat - technical assistance facilitation - as well as the AFDB support programme.
4. Convening Regional Business Councils Summit to engage governments on the status of the AfCFTA implementation. The role of the continent's eight RECs is critical especially as the latter are building blocks for the AfCFTA.
5. Establishment of One Stop Centre to create efficiency in doing business across the continent.
6. Establish data centers to access market-related information across the continent. The Secretary-General committed to supporting the EABC in its efforts to establish regional a regional data center with outlets in all partner states to enable the private sector to access market information on product availability and access while trading through the AfCFTA.
7. Regular engagement with the business membership organisations (BMOs).
As noted,
More about the newly launched
The Fund headquartered in
It was established by the AfCFTA Secretariat and Afreximbank following a mandate from the
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