South Africa remains committed to a coordinated strategy for boosting intra-Africa trade and building an integrated market in Africa, President Cyril Ramaphosa said Tuesday, as reported by NAN.
Ramaphosa was speaking upon return from Mauritania where he attended the 31st Ordinary Session of the African Union (AU) Assembly of Heads of State and Government.
At the summit, Ramaphosa signed the Africa Continental Free Trade Area (AfCFTA) agreement which envisages a market of over 1 billion people and approximately 3.3 trillion U.S. dollars in GDP.
“This agreement is an important step towards South Africa’s participation in a market of over 1 billion people and will create opportunities and many benefits for South Africa, which would enable South African companies to export goods and services across the continent,” Ramaphosa said.
South Africa expects the agreement to contribute to the growth and diversification of its economy and create jobs, as well as reduce inequality and unemployment, said Ramaphosa.
“To take full advantage of this agreement, we need to invest in infrastructure that crosses and connects countries,” he said.
He said the agreement will have far-reaching impact on the African economies and significantly increase intra-African trade and investment.