A-e Trade Group Key to Facilitate Intra-Trade by Modernizing the System

ENA,February 10/2020 A-e Trade Group with its vision of transforming African countries to leverage modern information and communication technologies is key to facilitate intra-trade by modernizing the system, African Union Commission said.

In his opening remark on the role of multilateral financial institutions in supporting Africa’s economic transformation, AU Economic Affairs Commissioner Victor Harison said “Africa recorded 4.6 percent annual GDP growth between 2000 and 2016.”

However, he pointed out that the growth performance has not created enough decent jobs or wellbeing for the population.

“The African Continental Free Trade Area (AfCFTA) is a great opportunity in terms of agricultural production, industrial development, services and infrastructure development,” Harison added.

In this context, the development of strong financial institutions is necessary starting with the Pan-African financial institutions, the Commissioner stated.

A-e Trade Group CEO, Mulualem Syoum said “the A-e Trade Group initiative is to empower medium and small scale entrepreneurs throughout the continent and this in turn will bring a grassroot transformation for sustainable economic development.”

For that to happen, he said, multilateral financial mechanism is needed and the group is working on that.

“We want to exhaust the existing African financial mechanism with innovative financing,” Mulualem stressed.

According to him, transforming the continent’s trade through modern communication and technology will help small and medium enterprises to take advantage of the African Free Trade Agreement (AfCFTA). 

It is to be recalled that in 2018 a milestone memorandum of partnership was signed between the AUC and the A-e Trade Group with the aim to enhance itnra-Africa trade using ICT.

African E-Trade Group is an initiative of multi-stakeholder and multi-talent group of African professionals and business people with a vision to develop and implement an e-empowerment programme for Africa

It focuses on providing a continent wide e-commerce platform and capabilities that enhance intra and inter African trade.