In a bid to bolster trade in Africa, the African Export-Import Bank (Afreximbank) will hold a preparatory conference in Cairo on October 5 for the Intra-African Trade Fair (IATF) 2021.
The IATF will be hosted in Durban, South Africa, on 15-21 November.
Egypt’s Minister of Trade and Industry Nevine Gamea, Egyptian Minister of International Co-operation Rania el-Mashaat, Afreximbank chairman Benedict Okey Oramah, and Ravi Pillay of the South African Executive Council for Economic Development, Tourism and Environmental Affairs will attend the one-day event.
The conference will discuss the obstacles to the continent’s intra-trade and highlight challenges facing activating the African Continental Free Trade Area (AfCFTA).
The conference will announce activities during the 2nd IATF, which will be organised by Afreximbank in collaboration with the African Union Commission and the AfCFTA Secretariat.
IATF 2021 will be a unique platform to facilitate trade and investment information to bolster intra-African trade, particularly within the framework of the AfCFTA Agreement, which came into effect on May 30, 2019 and has been in force since the beginning of 2021.
More than 5,000 participants from 55 African and other countries will be taking part in the Durban fair, where it is anticipated that trade and investment agreements worth more than $40 billion will be concluded.
Earlier this year, Federation of Egyptian Chambers of Commerce unveiled a strategy for boosting industrial and commercial integration among African countries and developing intra-African trade.
There are huge opportunities for African partnerships in the future in terms of intra-African trade, which is currently estimated at 15 per cent of the continent’s foreign trade.
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