SON, MAN Call For Strict Compliance To AfCFTA Standards To Boost Revenue
SON, MAN Call For Strict Compliance To AfCFTA Standards To Boost Revenue
The Standards Organisation of Nigeria and the Manufacturers Association of Nigeria (MAN) emphasizes on its importance for organization to strict compliance with the African Continental Free Trade Area (AfCFTA) standards. This will not only ensure revenue generation but also promote fair and balanced trade.
The call was made at the 69th African Organization For Standardization (ARSO) Council by the Director General and Chief Executive Officer of SON Ifeanyi Okeke and the President of MAN Otunba Francis Meshioye in Abuja.
Okeke said the event will not only foster collaboration but will further reinforce the established relationship between the Council members who administer ARSO activities within the Continent.
He said, “The priority of the meeting is to promote adoption of standards across all trade sectors on the African continent and also create an enabling environment for African Continental Free Trade Area Agreement AfCFTA to thrive.”
Meshioye said, “AfCFTA is one economic convergence that will see 1.4 billion people of the continent trading among each other with a combined Gross Domestic Product (GDP) of about $3.4 trillion; all of which will be guided by an agreement that encompasses trade protocols; dispute settlement procedures, customs cooperation, trade facilitation and the rules of origin.
“In this regard, we need to pay particular attention to conformity to standards. This will enhance market access to goods; reduce the cost of doing business, facilitate trade, and increase competitiveness. All economic actors should enthusiastically embrace the agreed standards across the continent.
The Minister of Industry Trade and Investment ( FMITI) Doris Anite who was represented by Emenbu Lenkat Director of Weight and Measures FMITI said there’s a need to conform to globally accepted standards of trade.
“Industrialisation is synonymous with trade, as their dynamics are coupled. Therefore, Africa’s industrialisation requires the implementation of the AfCFTA Agreement, which is premised on industrialisation.
The African economy remains un-industrialised, as Africa exports raw materials to import value-added goods. Two figures bear eloquent witness to this state of affairs: Africa’s share of world trade is 4% while trade between African countries represents 17% of their global trade.
“Africa’s low level of industrialisation explains this depressing state of affairs and it should be our collective responsibility to address the challenges which also affect our trading capacities,” the minister said.
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