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Equatorial Guinea adopts its national strategy for implementing the AfCFTA and takes a big step towards the African single market

12 June, 2024
Equatorial Guinea adopts its national strategy for implementing the AfCFTA and takes a big step towards the African single market

Malabo, 12 June 2024 (ECA) - The Republic of Equatorial Guinea has validated its national strategy for implementing the AfCFTA and now holds the keys to its strategic positioning in the African single market. At the end of a technical and multi-sectoral review workshop organized by ECA's Sub-Regional Office for Central Africa and the Ministry of Trade and SMEs promotion, the action plan enabling Equatorial Guinea to take the most advantage from the AfCFTA was validated.

The strategy's vision is to make Equatorial Guinea a reference trading partner in the continental economic space by 2029. This is based on a specific objective of ensuring commercial and productive integration of the national economy within the framework of the continent's single and liberalized market. To achieve this, the validated action plan is built on 7 axes and will help the country to: adapt and implement national trade policies that are coherent and oriented towards stimulating trade with Africa; streamline its trade by reducing the cost and duration of transporting goods from Equatorial Guinea to other markets in Africa; integrate regional value chains through improving local manufacturing capacities for made in Equatorial Guinea products; develop and finance infrastructure projects with an emphasis on multimodal transport and energy; improve access to information on trade and investment opportunities in Africa, strengthen private sector access to trade financing for the production and marketing of products of Equato-Guinean origin on the African market; promote the free movement of people, investments and factors of production.

Equatorial Guinea can count on its comparative and competitive advantages that the strategy calls for densification: tourism, the blue economy and the export potential of oil, methanol and wood.

The Ministry of Commerce is now calling for implementation, “we will present the strategy document to the government for its adoption and implementation. It is urgent to take action,” said Expedito-Genaro Osa NSOMBORO OKOMO.

Trade under the AfCFTA preferences has started and the guided trade initiative which is the operational phase is approaching its first anniversary. The second phase is expected to be launched in 2024, hence the assertion by Mamadou Malick Bal, economist at ECA, “implementation must primarily begin with communication and capacity building activities. It is important that the entire government, the entire private sector, the academia, the media and civil society take ownership of the AfCFTA for inclusive and offensive implementation. Each of the stakeholders must control their involvement and act effectively.”

The validation of the strategy is the culmination of a process led by ECA since February 2023. The Sub-Regional Office for Central Africa organized awareness raising and training for key stakeholders. “First of all, we express our sincere thanks to ECA which has supported us and has always been with Equatorial Guinea” underlined Expedito-Genaro Osa NSOMBORO OKOMO.

Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Tel: +251 11 551 5826