The Ambassador of the European Union (EU) in Mozambique, António Sánchez-Benedito, reaffirmed yesterday in Maputo, the commitment of his organization in supporting the integration of the country in the African free trade zone.
According to the diplomat, the European bloc is already working with the national authorities in order to facilitate the insertion of the country in the world’s largest free trade area, which came into force in January.
“In addition to the economic partnership agreements that we have signed, we are adopting, together with the Mozambican authorities, a program called ‘Promote Trade’. There are joint initiatives with SADC, with a view to ensuring the implementation of the free trade area, and in this way Mozambique also benefits,” he said.
Speaking on the sidelines of a round-table discussion that took place under the theme “African Continental Free Trade Area: a factor of change for the continent and for Mozambique”, the diplomat considered that it is crucial that the country moves towards integration, stressing that it is an unstoppable process and that, therefore, it is always better not to miss the opportunity.
According to the World Bank, the African Continental Free Trade Area represents an economic bloc of over 1.3 billion people and a combined Gross Domestic Product (GDP) of US$3.4 trillion.
The multilateral financial institution also believes that free trade in Africa has the potential to lift 30 million people out of extreme poverty, stressing, however, that achieving its full potential will depend on the adoption of significant policy reforms and trade facilitation measures. Meanwhile, Sánchez-Benedito sees numerous challenges for the results of free trade in Africa to begin to be visible because the volume of trade, both in SADC and on the continent, is still quite small.
“As Mozambique’s main economic and trade partner, the EU believes it is essential that the country has a long-term development strategy, and this will also be advantageous for its continental integration. That is why we are strengthening our economic ties and creating opportunities for the private sector and for employment with particular attention to young people, women, because only then will this process be inclusive,” he stressed.
