Once established, the Continental Free Trade Agreement (CFTA) will offer “limitless opportunities” to world markets such as Japan, said deputy president, Cyril Ramaphosa.
He was speaking at the African Union Parliamentary Association dinner hosted in his honour during a trade visit to Japan this week.
The AU has set 2017 as the implementation date of the CFTA, under which African states will be expected to reduce trade barriers among themselves by drastically reducing export and import duties and waiving visa requirements in some cases.
Ramaphosa in Japan
The Tripartite Free Trade Agreement (TFTA) covers more than 650 million people in 26 countries with a combined gross domestic product amounting to 60 percent of Africa's total. TFTA will become effective once parliament has adopted it.
Ramaphosa said regional and continental integration was the foundation for Africa’s socio-economic development and political unity, and essential also for South Africa’s prosperity and security.
“Consequently, Africa is at the centre of South Africa’s foreign policy. South Africa cannot succeed alone, but only as part of a broader African success story, even though we would like to see ourselves as the gateway to doing business in Africa.”
“It is our hope and conviction that Japan, as an important member of the world community of nations, sees itself as our partner in the practical promotion of the vision of Africa’s resurgence and development,” he said
