Apparently toeing the path of Nigeria, the Zambian government on Thursday said it will not rush into ratifying the African Continental Free Trade Area (AfCFTA) agreement until it concludes consultations with all stakeholders.
Although, notable countries including Nigeria are yet to ratify it, the agreement entered into force on May 30, 2019. This follows its ratification by 24 of the 52 signatory countries.
The AfCFTA will be launched on July 7, 2019 in Niamey, Niger by the Heads of State and Government at an extraordinary summit of the African Union (AU).
But ahead of launch, Christopher Yaluma, Zambia’s Minister of Commerce, Trade and Industry, said his country will not rush to ratify the agreement.
The wide consultation was meant to ensure that the country instituted mechanisms to ensure that Zambia does not become a dumping site for substandard products.
The Zambian minister, who is in Ethiopia to attend a consultative meeting on the AfCFTA , said the consultative process with relevant stakeholders was still on-going.
According to a release, it had not been exhausted to warrant ratification during the operationalisation of the agreement at July summit.
The Zambian minister, however, said the signing of the AfCFTA framework by President Edgar Lungu in March this year was testimony that the country was committed to being part of the single largest market in Africa.
He said the government wanted to obtain full endorsement from the private sector as they will be the major drivers of the programme.
He said that there was a possibility that the government could table the AfCFTA for ratification before parliament in August this year.
The free trade agreement trade pact will potentially cover a market of 1.2 billion people, with a combined gross domestic product of $2.5 trillion.
AfCFTA will become world’s largest free trade zone if passed by all 55 nations recognized as part of the African Union.
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