A Memorandum of Understanding (MoU) has been officially signed between the Central Corridor Transit Transport Facilitation Agency (CCTTFA) and the African Continental Free Trade Area (AfCFTA) in a historic bid to strengthen economic cooperation and regional integration. The signing ceremony, held in Cairo, Egypt on November 14, 2023, marked an important step towards increased trade and development on the African continent.
We signed the Memorandum of Understanding (MoU) with the African Continental Free Trade Area, AfCFTA. The objective of this memorandum is the implementation of the AfCFTA agenda and the strategic plans of the Central Corridor Transit Transport Facilitation Agency, AFTTCC within Africa. You will remember that the AfCFTA has a continental vocation while the AFTTCC has a regional vocation… The objective of this MoU is to unite efforts, join efforts to implement our respective agendas.
Adv Flory Okandju | CCTTFA Ex. Sec
The Central Corridor, a crucial transport route linking the Great Lakes region to the Indian Ocean, has long been recognized as an important factor in facilitating trade and transport in the region. In contrast, the AfCFTA is a continental initiative that aims to establish a single market for goods and services, encourage the free movement of people, and encourage economic integration among African countries.
The Memorandum of Understanding establishes a working framework between the AFTTCC and the AfCFTA, with main objectives such as:
Facilitate trade: The objective of the agreement is to streamline and accelerate the movement of goods along the Central Corridor, reduce trade barriers and increase efficiency.
Infrastructure Development: To make transportation and logistics smoother along the Central Corridor, collaborative efforts will be undertaken to improve and expand infrastructure.
Policy Harmonization: The MoU aims to align policies and regulations related to trade and transport, fostering an environment conducive to economic growth.
Capacity Building: Both parties commit to investing in human capital and institutional capacity to support the effective implementation of the Agreement.
The signing of this Memorandum of Understanding is immense and promising for the African continent. By combining the strategic transport capabilities of the Central Corridor Secretariat with the overarching objectives of the AfCFTA, the stage is set for a new era of economic collaboration and shared prosperity.
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