Mozambique will become a full member of the African Continental Free Trade Area (AfCFTA) in January 2025, and will benefit from the business opportunities that this platform offers member countries, especially in terms of internationalisation and productive specialisation.
According to Notícias, the announcement was made this week in Maputo by the Minister of Industry and Trade, Silvino Moreno, who highlighted the country’s entry into the AfCFTA as an opportunity to encourage investment with a positive impact on the trade balance, in line with the government’s five-year programme.
For the minister, the AfCFTA complements other initiatives that promote trade and investment. According to forecasts, the continental free trade market is expected to increase the volume of intra-African trade from less than 12 per cent in 2013 to more than 50 per cent in 2045, and Africa’s share of world trade from 2 per cent to 12 per cent.
To ensure effective integration into this market, the state approved the resolution on Mozambique’s tariff offer and the national strategy for implementing the agreement creating the AfCFTA.
With these instruments, Mozambique intends to access the AfCFTA adjustment fund, which aims to support member states in implementing the agreement.
The document will also allow the country to be part of the goods-led intra-African trade initiative, which creates economic opportunities between African countries whose tariff offers have already been submitted, facilitating trade transactions in the various value chains.
Minister Silvino Moreno, looking back on the progress made, called on national companies to take advantage of this platform by investing in the certification of their brands and products – essential factors for enjoying the advantages and opportunities offered by the market.
The AfCFTA is set to be the world’s largest free trade area in terms of countries involved, with a total of 55 nations, connecting 1.3 billion people and representing a Gross Domestic Product of 3.4 billion dollars.
