Moghalu set to lead APSS and AfCFTA event
Professor Kingsley Moghalu, the former Deputy Governor of the Central Bank of Nigeria (CBN) and newly appointed Chairman of the Advisory and Executive Boards of the Africa Private Sector Summit (APSS), is slated to deliver the keynote address at the Joint African Continental Free Trade Agreement (AfCFTA) Private Sector Session during the 2023 Intra-African Trade Fair. The event, hosted by the African Export-Import Bank (Afreximbank) in Cairo, Egypt, will take place from November 9-15, 2023.
The Joint AfCFTA Private Sector Session will center around a focused discussion on the Private Sector Bill of Rights (PSBoR) for creating an enabling business environment in Africa, as proposed by the Africa Private Sector Summit.
The objective of the Private Sector Bill of Rights is to establish a stable and favorable environment for the extensive business prospects within intra-African trade and investment. This initiative seeks to enable the private sector to capitalize on the diverse protocols of Africa's Regional Economic Communities (RECs) and the AfCFTA treaty. The AfCFTA treaty, effective since 2021, has been ratified by 43 African countries and signed by an additional 11.
Only 16% of Africa's global trade is conducted regionally within the continent. In contrast, Europe sees 68% of its global trade happening within the region, while Asia and North America witness 59% and 30% of intra-regional trade, respectively.
It is projected that upon full implementation, the African Continental Free Trade Agreement (AfCFTA) will significantly elevate intra-African trade by 52%, pull 30 million people out of poverty, and bolster the continent's GDP by USD 450 billion by the year 2035.
To advance this initiative, the Africa Private Sector Summit (APSS) is initiating a process of engagement with African leaders across the five geographic regions and the diaspora. This effort aims to vet, validate, and adopt a set of 24 rights for the private sector outlined in the proposed Private Sector Bill of Rights.
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