Africa Needs to Deepen Regional Integration to See Economic Benefits: ECA Report

Addis Ababa March 17/2023 /ENA/  African countries have made commendable progress in implementing the regional integration agenda and promoting intra-regional trade, Director, Regional Integration and Trade Division, Stephen Karingi said. 

The Director has also stressed the need for more work to accelerate the African Continental Free Trade Agreement (AfCFTA) and the ratification of the Protocol on the Free Movement of Persons, Right of Residence and Right of Establishment. 

Stephen Karingi, made the remark in his presentation on the Assessment of progress on regional integration in Africa.

The report, which is based on monitoring frameworks and tools, including the indicators developed by the ECA, the African Union Commission and the African Development Bank was presented to experts meeting ahead of the 20-21 March ministerial segments of the Conference of African Ministers of Finance, Planning and Economic Development taking place in Addis Ababa, Ethiopia.

It was indicated during the occasion that, member states will need to address integration challenges, which include inadequate financial resources; poor infrastructure networks; increasing violence, terrorism and political instability. 

Furthermore, the integration agenda is experiencing slow implementation of policies and agreements. 

For instance, the Protocol on the Free Movement of Persons, Right of Residence and Right of Establishment, needs ratification because, “It is the bedrock of deepening integration as it interacts with the ability to move goods and services and help to optimise the AfCFTA,” stressed Karingi.

“Collective efforts are required from all member States, regional economic communities, key partners and stakeholders to realize the economic benefits of integration and the African Continental Free Trade Area,” he said.