The European Union Commission fully supports the African Continental Free Trade Agreement (AfCFTA) and is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa.
This was revealed by Ambassador Ranieri Sabatucci, the EU Ambassador to the African Union, in an opening address to a two-day Horn of Africa AfCFTA forum focusing on the pharmaceutical industry.
“As was highlighted by the EU Commission President, Juncker, in his state of the union speech in September last year, referring to the AfCFTA, he expressed the wish that the long term perspective is to create a comprehensive continent to continent free trade agreement between EU and Africa,” he said.
He said to prepare for this, economic partnership agreements, free trade agreements, “including the deep and comprehensive free trade areas and others in the countries north of Africa and other trade issues with the EU should be exploited to the greatest extent as building blocks to the benefit of the AfCFTA”.
The ambition is to further increase African exports and to attract investment, including to manufacturing and processing sectors and to encourage the creation of regional value chains through flexible rules of origin, Mr. Sabatucci.