Africa-Press – Liberia. Ambassador Iqbal Jhazbhay expressed the hope that the full implementation of AfCFTA by Liberia would also provide job opportunities for Liberians.
South African Ambassador accredited to Liberia Iqbal Jhazbhay has expressed confidence that the full implementation of the African Continental Free Trade Agreement (AfCFTA) would help improve trade and provide job opportunities for citizens in countries across the region, including Liberia.
The AfCFTA aims to promote industrialization and diversify economies by encouraging the development of regional value chains and the manufacturing sector across Africa.
It came into force on May 30, 2019, after 24 Member States of the African Union (AU) deposited their Instruments of Ratification following a series of continuous continental engagements spanning since 2012.
It was launched at the 12th Extraordinary Session of the AU Assembly of Heads of State and Government in Niamey – Niger, in July 2019 with the of eliminating barriers to trade in Africa, by significantly boosting intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy.
The commencement of trading under the AfCFTA was in January 1, 2021.
Recently, Liberia joined 47 other countries in the region to submit its Instrument of Ratification to form part of the African Continental Free Trade Agreement (AfCFTA).
Speaking in an exclusive interview with FrontPage Africa shortly after a roundtable table dialogue held on AfCFTA, Ambassador Jhazbhay disclosed that the submission of the relevant instruments by Liberia to the AU commences the process for the post-conflict nation to become active in promoting free trade within the region.
The dialogue which brought together major stakeholders within the business community and government was held in Monrovia on Thursday, August 1 under the theme: Advancing the African Continental Free Trade Agreement (AfCFTA).
He expressed the hope that the full implementation of AfCFTA by Liberia would also provide job opportunities for Liberians.
Addressing trade barriers
Ambassador Jhazbhay observed that Liberian entrepreneurs have been expressing concerns over the hurdles they continue to face in trading their goods or produce in and out of the country, and as such, the AfCFTA will help address many of these concerns.
“When this agreement comes into place, it means that Liberian businesses will flourish and the trade between African countries in the region will become faster and effective. It (free trade) will make things easier for the private sector and government entities to import and export goods to and from Liberia.”
He emphasized that with the latest action made by Liberia, AfCFTA would provide training and other supports to the nation.
Attracting investors
He said the move would also attract top investors from around the world, including South Africa to invest more in Liberia.
Ambassador Jhazbhay stressed that South African companies, that are already here and others expected to come, would, on an equitable basis, forge stronger partnerships with their Liberian counterparts, as a result of the action taken by the current Government of Liberia to present the relevant instruments of AfCFTA to the AU.
He said Liberia and other African countries stand to also benefit infrastructural and economic growth and developments if the AU protocol on free trade is fully implemented by countries in the region.
“The higher the trading volume between African states, the higher will be the opportunities for employment and a better quality of life. When the AfCFTA is fully implemented, Africa will be the biggest free trade area in the world. No other trading area will be bigger than Africa. So, there are huge opportunities for Liberia.”
Call for improved security
Ambassador Jhazbhay further called for improved security in Liberia and Africa at large to encourage trade and investment.
He said peace and security remain the hallmark towards luring increase in trade and economic activities in any country and Liberia is of no exception.
He observed that though there have been some challenges in promoting free trade in Liberia due to the prolong civil conflict, the upholding of the rule of law, combat against corruption and developments being carried out by the Unity Party led-government of President Joseph Nyuma Boakai will help address those challenges and improve trade in the country.
“After civil war in any country, it takes double of time for things to go back to normalcy. Liberians are committed to peace and we’ve seen that from the Accra Peace Agreement. The peaceful elections that were held last year, tell you that the people do not want any war.”
Praising UP Gov’t
Ambassador Jhazbhay, however, heaped praises on President Boakai and his government for being “serious” in combating against corruption, and working towards the full actualization of its ARREST agenda, especially the pillars of agriculture, roads, rule of law by working out modalities for the establishment of a war and economic crime court in the country, amongst others.
“I’ve been here for two years as South Africa’s Ambassador and I haven’t seen that happening. The right signals are being sent out by the current (Liberian) government that anything towards malfeasance or wrong doing will not be accepted and the rule of law will catch up (with you).”
Caveat against breaching trade protocol
He, however, expressed the hope that those contemplating on abusing the free trade protocol of the AU in Liberia and other countries would not go with impunity.
He called for the laws of countries within the region that are committed to the African Continental Free Trade Agreement (AfCFTA) to take its course against anyone caught abusing the agreement.
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs) to create a single market for the continent.
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