Private sector participants in the EAC appear to be unaware of the AfCFTA status of implementation, its benefits, as well as the level of political will, according to a recent survey undertaken by the Economic Commission for Africa (ECA).
In addition, due to the outbreak of Covid-19, the private sector in the region has been adversely affected, leading to low interconnectivity with the rest of its continental trade and investment counterparts, and between EAC and the rest of the world.
The results of the survey - undertaken to establish the perception of East Africa’s private sector on the African Continental Free Trade Area (AfCFTA) - will be launched on May 28.
It was conducted in collaboration with the East African Community (EAC) and the East African Business Council (EABC), and was partly to inform the EAC regional AfCFTA strategy and to document how the private sector can maximise the benefits of the agreement.
Through extensive consultation with the private sector, the survey is expected to provide insight into necessary reforms to ensure their full participation and to establish what interventions are necessary to ensure inclusivity.
“Without the prospect of real benefits, the private sector will not invest in new cross-border commercial ventures, hence their importance in being at the centre, driving its implementation agenda,” said Stephen Karingi, ECA’s director of the regional integration and trade division.
The virtual launch, which will feature a webinar, is expected to attract member states of the EAC, private sector operators, and development partners.
