Luanda – Angolan Government and the Pan-African Private Trade and Investment Committee (PAFTRAC) have agreed to promote business cooperation between Angola and the other African nations.
Signed on Thursday, the deal is part of a memorandum of understanding between the Angolan Government – represented by the ministries of Foreign Affairs and Industry and Commerce – and PAFTRAC which in the signing was represented by officials of the Angolan business group Opaia.
The deal provides for the establishment and development of a long term integrated cooperation among the parties involved.
In a note that reached ANGOP on Thursday, linked to the establishment of the Africa Continental Free Trade Area (AfCFTA), the Angolan Government states its strong wish to promote business in all sectors of the national economy, following the example of success of the emerging economies.
For the Angolan Government, the accord represents a progress in the political strategy, as well as the political recognition of the relevance of entrepreneurship towards the country’s future growth.
For its part, with this deal, PAFTRAC seeks to put in place a platform to facilitate the participation and engagement of the African private sector in matters of trade and investment on the continent, including the formulation of investment policies and negotiation, in support for the sustainable development of the economies of the continent, in line with the agenda 2063, “The Africa we Want”.
The parties have also agreed to establish an appropriate framework to strengthen cooperation, with well-defined principles and objectives, with a special focus on national and African business.
Accompanying the national economic dynamism and with a view to promoting national production, becoming more competitive and stronger, not only through the promotion of improved internal flow, but also, through a greater integration of Angola in international markets, is among the priorities.
Under this agreement, a platform will be provided to synthesize and harmonise the views of the African private sector on trade and investment, and to encourage a shared understanding of the benefits of trade and investment policies.
For greater success, they also undertake to promote dialogue on trade and investment between governments and the private sector, in support for the growth of extra and intra-African trade and cross-border investment.
The Parties undertake to improve aid and support actions, policy recommendations from the private sector on trade and investment at national, trade, regional and multilateral levels.
They will also seek to facilitate research on trade issues, including extra and intra-African trade flows, finance, technology and the implications of trade and investment policies and measures for African economies and the development of the private sector in Africa.
In addition, the Parties must take all appropriate measures to ensure that their cooperation develops.
The secretary of State for Foreign Affairs, Domingos Viera Lopes, said on the occasion that the event marks the official support of the Republic of Angola in the Pan-African Trade Commission in the private sector.
“The establishment of this institution of great importance, aimed at the creation of a platform that will support the implementation of the African Continental Free Trade Area, as well as reinforce the participation of the private sector in the formulation of public policies within the scope of trade and investment”, said the diplomat.
Viera Lopes added that the act reflects the importance that the Angolan Executive attaches to the constitution of this framework of effective public-private partnership at continental level, which aims to promote African trade in favor of the integration of the Continent into the global economy.
For this reason, he admits that the AfCFTA is a lever for the development of the Continent, adding that “at this time the world economy is experiencing moments of great uncertainties, we are convinced that the vast continental space will contribute to the efforts of structural transformation of our economies, through incentives to increase interaction and business transactions in Africa ”.
For his part, the secretary of State for Commerce, Amadeu Nunes, recalled that Angola was at the creation of the AfCFTA, having in November 2020 concluded its process of ratification of the Agreement establishing the trade space.
Currently, according to Amadeu Nunes, Angola is in the process of completing its proposal for a tariff offer, an indispensable instrument for starting to materialise trade in the infra-African sphere.
The event was attended by AfCFTA secretary general, Wamkele Mene, Afreximbank chairperson, Benedict Oramah, PAFTRAC chairperson, Patrik Utomi, and the vice-chair Agostinho Kapaia (from the Angolan business group Opaia).
