Mozambique will officially become a full member of the African Continental Free Trade Area (AfCFTA) in January next year, unlocking a range of business opportunities for the nation. This membership will focus on enhancing internationalization and production specialization, as announced this week by Silvino Moreno, the Minister of Industry and Commerce, in Maputo.
Moreno emphasized that joining the AfCFTA will not only foster investment but also improve the trade balance, in line with the goals outlined in the Government’s Five-Year Programme. He highlighted that the AfCFTA complements other initiatives designed to bolster trade and investment across the continent.
The agreement is projected to significantly increase intra-African trade, moving from a negative 12% in 2013 to over 50% by 2045, while also raising Africa’s share of global trade from 2% to 12%.
To prepare for its membership, the Mozambican government has approved a Resolution on the country’s Tariff Offer and a National Strategy for Implementing the AfCFTA Agreement. These measures will enable Mozambique to access the AfCFTA Adjustment Fund, which provides support for member countries in executing the agreement.
Additionally, Mozambique will participate in the AfCFTA Guided Trade Initiative, aimed at fostering economic opportunities through collaboration with operators from nations that have already submitted their tariff offers and are actively engaged in trade across various value chains.
Looking ahead, Minister Moreno urged local businesses to leverage this platform by investing in the certification of their products and brands, essential for maximizing the benefits of the emerging market.
The AfCFTA agreement creates the largest free trade area in the world based on the number of participating countries, connecting 1.3 billion people across 55 nations with a combined GDP of $3.4 trillion.
