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Increase production capacities and diversification to take full advantage of benefits offered under AFCFTA, local businesses told

Increase production capacities and diversification to take full advantage of benefits offered under AFCFTA, local businesses told

Local business communities need to immediately prepare and take full advantage of the benefits offered under the African Continental Free Trade Area Agreement (AFCFTA), the Deputy Minister of Industrialisation and Trade, Verna Sinimbo said at the AFCFTA campaign awareness launch on Thursday.

“This entails increasing production capacities, diversification, and adding value to our raw materials as well as to ensure that our produce is finding its place of exports on the continent,” she added.

According to Sinimbo, the AfCFTA Secretariat has already made available trading documents that will
accompany our exports, such as the AfCFTA Rules of Origin certificate, and supplier declaration form and these documents will be made available by NAMRA when trade commences.

“It is also important to note that the Pan African Payment and Settlement System has been developed to ensure that trade under the AfCFTA will be done through the African currencies. This means that Namibian exporters including informal traders will now be able to settle their imports using the local currency and receive payments in the local currency when exporting goods and services within the continent, this will make trade easier and reduces trading costs to a minimal,” she said.

Namibia within the framework of SACU is currently finalizing her tariff offer to the AfCFTA and thereafter, Namibia will soon launch her National AfCFTA Implementation Strategy and Action Plan.

Sinimbo said Namibian exporters will have access to trade information such as applicable tariffs,
schedules of specific commitments on trade-in services, online.

This will instantly provide information to traders on the duty that a specific product attracts in all the
African countries and the laws and regulations that are applicable to services sectors, thus enhancing predictability.

The Ministry of Industrialisation and Trade in collaboration with the Namibia Trade
Forum meanwhile will continue to provide necessary information series and ensure that traders are well equipped and ready to trade under the AfCFTA.

“We also have to ensure that women traders, youth, and informal traders are aware of the agreement through all public/private sector dialogue platforms available,” she concluded.

The start of trading under the AfCFTA was officially launched in January 2021 and is expected to increase intra-African trade, and enhance regional and continental value chains, through the establishment of viable and competitive industries in the continent.


 

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