Cabinet says it welcomes the African Union Assembly’s adoption of key protocols and decisions affecting the African Continental Free Trade Area (AfCFTA).
“These included the first-ever Protocol on Women and Youth in Trade, as well as Protocols on Investment and on Digital Trade,” said Minister in the Presidency Khumbudzo Ntshavheni.
The Protocol on Women and Youth in Trade aims to promote sustainable and inclusive socioeconomic development, provide equal opportunity for women and youth in intra-Africa trade, and the structural transformation of African economies.
Ntshavheni addressed the media on Thursday on the outcomes of the Cabinet meeting held the previous day.
She stated that the Assembly, attended by President Cyril Ramaphosa, also agreed to several rules of origin on clothing and certain automobile products.
Cabinet also took the time to congratulate the Ministry of Trade, Industry and Competition for the work done to enable the start of trade under the AfCFTA preferences, with the first consignment of goods destined for Ghana and Kenya.
WTO’s 13th Ministerial Conference
In addition, Ntshavheni said the Executive noted the outcome of the 13th Ministerial Conference of the World Trade Organisation (WTO).
They also welcomed the acceptance by the WTO of South Africa’s instrument of ratification of the Fisheries Subsidies Agreement.
“South Africa became the 71st WTO Member to ratify the agreement and was honoured by having its submission done at a special ceremony in the closing session of MC13 [WTO’s 13th Ministerial Conference],” Ntshavheni said.
Cabinet also said they were pleased by the accession of Timor-Leste and Comoros to the WTO, and the agreement for a gradual phase-out of benefits of countries that graduate from the ‘least developed’ country status.
On the other hand, Ntshavheni said the Executive noted with concern a number of key development goals of African countries were not concluded after opposition from larger and developed economies.
“These relate to policy space for industrialisation by developing countries, an agriculture agreement that provides greater access to developed country markets and opportunities for farmers in the global south, further measures to avoid over-fishing and steps to roll back unilateral and unjustified green protectionism measures such as the Carbon Border Adjustment Mechanism (CBAM) of the European Union,” the Minister said. – SAnews.gov.za
Cool Law Topping
Fun South African Fact: South Africa has one of the world’s most luxurious trains.
Microwave
Hopefully my journey through MyZA will be as EVENTFUL as it has been enjoyable so far.