“Advancing the implementation of the Agreement Establishing the African Continental Free Trade Area: Proposing Transformative Strategic Actions”

17 March 2025 – Addis Ababa, Ethiopia

(Representative of the Host Government)

Excellencies

Honourable Ministers

Mr. Claver Gatete, Under-Secretary-General of the United Nations and Executive Secretary of the United Nations Economic Commission for Africa

Distinguished Delegates

Ladies and Gentlemen,

A very good morning to you all.

As Chair of the Outgoing Bureau, I am pleased to welcome you to the 57th session of the Conference of African Ministers of Finance, Planning, and Economic Development in the beautiful city of Addis Ababa.

I extend my sincere gratitude to the Government and people of Ethiopia for their warm hospitality as we convene this important gathering at a moment when Africa stands at a strategic inflection point.

Over the past year, the global economic landscape has shifted significantly, characterized by rising geopolitical tensions and increased trade protectionism, which have heightened the importance of regional trade blocs. Tariff escalations and evolving trade restrictions threaten to further marginalize African economies, making it essential for Africa to accelerate its regional integration agenda.

The African Continental Free Trade Area (AfCFTA) serves as our most powerful blueprint for addressing these global challenges. With a market of 1.4 billion people and a combined GDP exceeding $3.4 trillion, the AfCFTA offers a critical pathway for Africa to build resilience, reduce dependence on external markets, and drive sustainable industrialization. Yet, despite its potential to boost intra-African trade by 45% by 2045, implementation remains uneven due to structural barriers, inadequate infrastructure, and limited access to trade finance.

This year’s conference represents a pivotal moment—an opportunity for us to adopt bold, transformative actions to accelerate the implementation of the AfCFTA and establish Africa as a key player in the reconfiguration of global trade.

During the 43rd session of the Committee of Experts, we engaged in fruitful discussions regarding the pressing economic challenges facing our continent. Several strategic priorities emerged to guide our policy actions:

First, enhancing regional value chains and trade infrastructure is critical. Strengthening production and supply chains in key sectors—including agriculture, manufacturing, and services—will maximize value addition and reduce Africa’s reliance on raw commodity exports. By fostering stronger intra-African linkages, we can transition to high-value industries and competitive regional markets.

Second, addressing trade barriers and access to finance is essential. Implementing harmonized trade regulations, eliminating non-tariff barriers, and scaling up innovative financing mechanisms—like blended finance, thematic bonds, and trade facilitation funds—will improve capital access and expand market opportunities for African businesses.

Third, leveraging digital innovation for trade expansion must be a priority. As the global economy increasingly embraces digitalization, Africa must enhance its engagement in the digital economy by integrating e-commerce, digital trade platforms, and fintech solutions into the AfCFTA framework. This will drive efficiency, reduce transaction costs, and open access to new markets.

Fourth, strengthening macroeconomic stability and governance is necessary for creating an enabling environment for trade and investment. Enhancing fiscal discipline, improving debt management, scaling up domestic resource mobilization and aligning national policies with regional integration commitments will bolster economic resilience and foster investor confidence in African markets.

With South Africa’s presidency of the G20, we stand at a pivotal crossroads to ensure the continent’s voice is heard on the vital need to reform the global financial architecture. This unprecedented opportunity also allows us to amplify our voices on pressing issues, such as equitable access to finance, debt sustainability, and combatting illicit financial flows. By leveraging our position, we can push for more inclusive frameworks that empower African nations to also engage meaningfully in the global economy, stimulate investment in key sectors, and support sustainable development goals. This moment is not just about leadership; it is about transforming the financial landscape to ensure that Africa’s growth is supported by resilient and fair financial structures that benefit our continent and the world at large.

Finally, accelerating green industrialization and climate finance will ensure that Africa's trade growth aligns with its sustainable development goals. Integrating climate-smart trade policies into the AfCFTA will unlock new opportunities in renewable energy, carbon markets, and green supply chains, positioning Africa as a leader in sustainable industrialization.

Excellencies, Honourable Ministers,

The global trade system is rapidly transforming. With heightened trade restrictions and the rise of regional economic blocs, the traditional dynamics of globalization are shifting. Africa cannot afford to remain on the margins.

We must act decisively to deepen our regional integration—not just defensively, but as a proactive strategy to harness Africa's economic potential. The success of the AfCFTA relies on strong political will, coordinated implementation, and the complete mobilization of financial and technical resources.

This Ministerial Conference provides us with an opportunity to transition from commitments to action. We must ensure that the recommendations from our experts translate into concrete policy shifts that promote trade, industrialization, and economic diversification.

In closing, I commend the outgoing Bureau for their efforts, express my gratitude to the ECA Secretariat for their technical support, and welcome the incoming Bureau as they assume their leadership role.

I look forward to constructive deliberations and concrete commitments that will drive Africa’s economic transformation.

I thank you