Africa-Press – Angola. Angola’s effective accession to the African Continental Free Trade Area (AfCFTA) will place the country on a new level of economic integration, promote economic diversification, create jobs, and improve the living conditions of the population, the Ministry of Industry and Commerce (MINDCOM) said in a statement on Friday.
According to the statement received, the moment is now for coordinated actions to strengthen investments for the modernization and improvement of the country’s infrastructure.
It reinforces the need for speed in administrative processes, making them simpler, and, above all, supporting local industries so that Angola is not only a participant but a protagonist in regional trade.
The statement adds that in the last 20 years, Angola opted for the application of protectionist policies, motivated by the need, at the time, to rebuild its infrastructure and reactivate the industrial sector, discouraging the import of goods that compete with national ones.
Angola’s effective accession to the African Continental Free Trade Area demonstrates a strategic shift in the country’s external positioning and foster market access and trade in goods within Africa, increase investments, promote economic, digital and industrial development, as well as deepen economic cooperation between the parties and establish a free trade and supply zone for products, the statement said.
The process foresees the strategic use of rules of origin, encouraging the promotion of industrial diversification and the reduction of dependence on oil and to stimulate the creation of regional value chains.
Available data indicate that Angola ratified the African Continental Free Trade Area (AfCFTA) agreement in 2020 and is in the final stages of implementing its national strategy, for effective accession to boost economic diversification, increase exports and integrate into regional value chains, focusing on tariff reduction.
The agreement was signed in 2018 and approved by the National Assembly in April 2020, making Angola a full member.
