Prof. Kingsley Moghalu, the newly appointed Chairman, Advisory and Executive Boards of the Africa Private Sector Summit (APSS) is billed to deliver the keynote address at the 2023 Intra-African Trade Fair.
The Board Secretary, APSS, Mr Kingsley Asah, said in a statement on Tuesday that Moghalu, a former deputy governor of the Central Bank of Nigeria would deliver the address, during the Joint African Continental Free Trade Agreement (AfCFTA) Private Sector Session at the fair.
The 2023 Intra-African Trade Fair is being hosted by the African Export-Import Bank (Afreximbank) in Cairo, Egypt from Nov. 9 to Nov. 15.
Asah said the Joint AfCFTA Private Sector Session would feature a conversation on the Private Sector Bill of Rights (PSBoR), for an Enabling Business Environment in Africa.
He said the Private Sector Bill of Rights aimed to ensure a predictable and conducive climate for the vast business opportunities in intra-African trade and investment.
According to him, this is as the private sector leverages the various protocols of Africa’s Regional Economic Communities (RECs) and the AfCFTA treaty, which came into effect in 2021 and has been ratified by 43 African countries and signed by 11 others.
”Only 16 per cent of Africa’s global trade is regional within the continent. In contrast, 68 per cent of Europe’s global trade is within Europe, 59 per cent of Asia’s trade and 30 per cent of North American trade is intra-regional.
”It is estimated that when fully implemented, the AfCFTA will boost intra-African trade by 52 per cent, lift 30 million people out of poverty, and boost the continent’s GDP by $450 billion by 2035,” he said.
Asah said the APSS was launching a process of engagement with African leaders around the five geographic regions and the diaspora, and governments to vet, validate and adopt a set of 24 rights for the private sector in the proposed Private Sector Bill of Rights.
He said the 24 rights included the right to peace, security and stability, effective legal systems that protect the sanctity of contracts, and harmonised quality assurance standards in global trade.
According to him, the rights include a healthy consultative relationship between the public and private sectors to drive trade and investment across Africa. (NAN). READ ALSO:
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