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The European Union Commission is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa, as part of its support to the African Continental Free Trade Agreement (AfCFTA).
This was revealed by Ranieri Sabatucci, the EU Ambassador to the African Union, in an opening address to a two-day Horn of Africa AfCFTA forum focusing on the pharmaceutical industry.
“As was highlighted by the EU Commission President, Juncker, in his state of the union speech in September last year, referring to the AfCFTA, he expressed the wish that the long term perspective is to create a comprehensive continent to a continent free trade agreement between EU and Africa,” he said.
He said to prepare for this, economic partnership agreements, free trade agreements, “including the deep and comprehensive free trade areas and others in the countries north of Africa and other trade issues with the EU should be exploited to the greatest extent as building blocks to the benefit of the AfCFTA”.
The ambition is to further increase African exports and to attract investment, including manufacturing and processing sectors and to encourage the creation of regional value chains through flexible rules of origin, Sabatucci.
“To support this, a massive support of €40 billion of grants under the new Africa-European Alliance for Jobs and Growth is proposed as from 2021 to 2027 to, among others, attract investments that would create 10 million jobs in Africa,” he said, adding the EU will continue to increase its support to Africa in that regard.
Sabatucci said the AfCFTA has an extraordinary potential to be economically transformative for Africa by creating the world’s largest integrated common market since the establishment of the WTO.
“Our support for the AfCFTA has a lot to do … Read More...