The growing motion on the African Continental Free Trade Area saw about 44 countries sign the AfCFTA deal this week in Kigali, Rwanda.
Several other countries, including South Africa, signed the Kigali Declaration which is devoted to the establishment of the African economic community, that seeks free movement of persons and goods to facilitate trade.
Chairman of the SA chapter of the BRICS Business Council, Dr Iqbal Survé said this is the best thing to happen to Africa in a very long time.
The AfCFTA agreement is figured to have the potential to bring together 1.2 billion people with a combined GDP of over US$2.5 trillion if successfully implemented.
Survé said the AfCFTA would allow the BRICS grouping to attract further investment into Africa to create skilled jobs.
“The global norm for intra trade is 30 percent but Africa has not been trading with itself. But Africa is now set for a decade of unbelievable growth and prosperity.” Survé said.
The BRICS nations make up more than 40 percent of the global population and according to Survé the formation of BRICS has proven to be hugely beneficial to Africa as a whole.
“BRICS countries are now Africa’s biggest trade partners.”
Survé also pointed to the deepening of inter-BRICS relations in areas such as financial services, skills development, manufacturing, and the easing of travel restrictions.
“For Africa, of course, it is important that there is continued infrastructure investment and deepening investment,” added Survé.
Survé will be leading around 50 senior business executives from various sectors to the mid-term meeting that would take place next week in Shanghai, China.
Source: African News Agency/ANA