A Fresh Start for African Economies: Discussing the African Free Trade Area (AfCFTA)
On May 25, 2021, the Institute for Foreign Affairs and Trade (IFAT), along with the Group of African Ambassadors in Hungary, organized a roundtable discussion entitled A Fresh Start for African Economies: Discussing the African Free Trade Area (AfCFTA). The event was held in commemoration of the International Africa Day, and revolved around the issues of the newly founded African Continental Free Trade Area. The event was moderated by Tamás Baranyi, Deputy Director of IFAT.
H.E. Karima Kabbaj, Dean of the Group of African Ambassadors to Hungary and Maroccan Ambassador of the Kingdom of Morocco to Hungary talked about the post-Covid-19 economic situation in Africa, pointing out that their countries lacked the massive bailout projects countries on other continents have had to soothe the effects of the pandemic. African free trade, in her views, will be a key element of recovery. Latifa El Bouabdellaoui, also from Morocco, Former Chief Negotiator of the African Continental Free Trade Area (AfCFTA), talked about her experience in crafting the free trade area, and underlined how Africa is the least integrated of all continents, but is open for business and willing to harmonize the legal background and infrastructure development of participating countries.
Rui Pedro Livramento, Angola’s Chief Negotiator in the AfCFTA and trade attaché in the Republic of Ghana, recounted the history of integration of the continnent, and pointed to the need for digitalization of ecoomies. Sonia Benziada, Expert and Member of the Algerian delegation to the AfCFTA, highlighted Algeria’s role in the process of integration. Dr Károly Benes, Head of Africa Department at the Ministry of Foreign Affairs and Trade, Hungary, considered the AfCFTA a milestone in the economic history of Africa, and spoke about the pending bilateral deals as well as student mobility exchanges between African countries and Hungary.
During the Q&A session, further details of the AfCFTA were discussed, involving Tunisian Ambassador to Hungary H.E. Abdelkarim Hermi as well. Further to a comment from the Hungarian Chamber of Commerce, the last part of the conversation comprised of a series of good examples and advice Hungarian business could use to further their activities on the African continent.
The full recording can accessed at the link below or on our YouTube-channel!