PACCI Advocates for Policy Diversification and Private Sector Engagement for AfCFTA Success
The Pan African Chamber of Commerce and Industry (PACCI) has highlighted the need for economic diversification and increased private sector involvement to fully unlock the potential of the African Continental Free Trade Agreement (AfCFTA) for Small and Medium-sized Enterprises (SMEs).
While participating in the “Conference on AfCFTA Implementation Strategies,” PACCI emphasized that trade liberalization alone is insufficient for significant SME participation in intra-African trade and investment.
PACCI stressed the importance of complementary policies fostering economic diversification and supporting entrepreneurship to empower SMEs to take full advantage of the AfCFTA.
The organization highlighted specific AfCFTA provisions crucial for SMEs, including transparent customs procedures, simplified tariff information, and efficient customs clearance.
One major concern raised by PACCI is the limited understanding of the Pan-African Payment and Settlement System (PAPSS) among SMEs in the private sector. Despite its potential benefits, inadequate information and communication have led to confusion and hesitancy.
PACCI also pointed out the slow pace of AfCFTA implementation, calling for a significant increase in private sector engagement to overcome obstacles and accelerate progress.
The Pan African Chamber of Commerce and Industry passionately advocates for urgent measures to diversify economies, support entrepreneurship, and engage the private sector.
PACCI emphasizes the critical role of the private sector in driving initiatives for gender-inclusive programs, assistance to small technology companies, and fair recourse mechanisms for SMEs in customs disputes.
The organization calls for businesses to take ownership of the AfCFTA, asserting that increased private sector engagement is crucial for successful implementation and realization of the AfCFTA’s transformative potential across Africa.
