The 12th Meeting of the Committee on Trade in Services under the African Continental Free Trade Area (AfCFTA) Protocol on Trade in Services was recently held. This hybrid event, conducted from 15 to 19 May 2023, brought together State and non-State Parties to discuss and deliberate on crucial matters pertaining to trade in services. With a focus on submitting Draft Schedules of Specific Commitments (DSSCs), the meeting aimed to propel negotiations in priority sectors and pave the way for increased economic opportunities within the AfCFTA framework.
A Driving Force for Economic Transformation: The meeting’s primary objectives were threefold. Firstly, participants reviewed newly submitted initial and revised offers from both State and non-State Parties. These offers play a vital role in shaping the terms and conditions under which services will be traded among AfCFTA member countries. Secondly, countries with revised offers provided updates on the status of the final schedules, highlighting progress made in the negotiations. Lastly, the Committee considered the Workplan, outlining the roadmap for advancing negotiations in the five priority sectors identified by the AfCFTA. By accomplishing these objectives, the Committee aimed to accelerate the formulation of Draft Schedules of Specific Commitments, which will be presented to the Council of Ministers through Senior Trade Officials.
Unlocking the Potential of Trade in Services: The meeting underscored the significance of trade in services as a catalyst for economic growth and development. While trade in goods has traditionally received more attention, the AfCFTA recognizes the immense potential of services in transforming African economies. By liberalizing trade in services, member countries can leverage their respective strengths and gain a competitive edge in sectors such as finance, telecommunications, tourism, and professional services. Facilitating the movement of payments and services across borders will attract investment, foster innovation, boost digital financial inclusion and create job opportunities, ultimately contributing to sustainable economic transformation. Central to this is the
The Committee meeting brought together representatives from various African nations, fostering collaboration and a shared commitment to advancing trade in services. Participants engaged in constructive dialogue, exchanging views, and leveraging their collective expertise to forge agreements that benefit all parties involved. This collaborative spirit is a testament to the AfCFTA’s overarching objective of promoting intra-African trade and enhancing the continent’s global competitiveness.
Elevating Africa’s Position in the Global Economy: As negotiations progress and Draft Schedules of Specific Commitments take shape, Africa is poised to position itself as a dynamic player in the global services market. The AfCFTA provides a platform for member countries to showcase their capabilities, attract foreign investment, and create an enabling environment for service providers to thrive. By harmonizing regulations, reducing barriers, and promoting cooperation, the AfCFTA paves the way for African nations to enhance their services sectors and tap into the vast opportunities available.
The 12th Meeting of the Committee on Trade in Services under the AfCFTA marked a significant milestone in the journey toward a more integrated African economy. As negotiations advance and Draft Schedules of Specific Commitments take shape, member countries are closer to realizing the potential of trade in services. This concerted effort will foster economic growth, attract investment, and create a conducive environment for services sectors to flourish. By prioritizing trade in services, the AfCFTA reaffirms its commitment to positioning Africa as a formidable force in the global economy, with benefits that extend to businesses, entrepreneurs, and citizens across the continent.
