ADDIS ABABA, Feb. 15 (Xinhua) -- Acting Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Antonio Pedro has urged African Union (AU) member states to focus on value addition, smart operationalization of local content policies to help the continent better tap into global value chains.
Speaking at the 42nd Ordinary Session of the Executive Council underway Wednesday at the AU headquarters in Addis Ababa, also the capital of Ethiopia, Pedro said Africa needs to accelerate and effectively implement the African Continental Free Trade Area (AfCFTA) to build sufficient shock absorbers and resilience.
"Member parties should speed up the adoption of the national legislative measures that affect AfCFTA instruments internally, including updating their tariff books, custom processes, certificates of origin, and the like," Pedro said.
According to Pedro, UNECA has supported the battery and electric vehicle initiative that could enable the continent to tap into a global value expected to reach 8.8 trillion U.S. dollars in the next three years, and 46 trillion U.S. dollars by 2050.
"We are supporting the establishment of a Battery Center of Excellence and transboundary Special Economic Zone that will contribute to de-risk investment in the value chain. De-risking investments in Africa through improvements in soft and hard infrastructure must be our collective and individual priority," Pedro said.
The UNECA chief also said Africa appears as a shining light with economic growth, or 3.9 percent in 2023, and 2024 higher than many other regions, yet, it is not high enough to compensate for the losses experienced in the past three years.
He noted that the AfCFTA continental market provides the economy of scale, to invest in manufacturing, leading to increased intra-Africa trade, thereby bringing supply chains closer to home, and injecting a degree of self-sufficiency in essential products, such as medicines, food, and fertilizers.
Pedro added that by fast-tracking the implementation of the AfCFTA, Africa will place itself in a position to provide solutions to global challenges including supply chain disruptions, food insecurity, climate change, and migration problems. ■