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SACU BACKS ESWATINI’S BID FOR BIGGEST TRADE OFFICE

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GABARONE, BOTSWANA – The Kingdom of Eswatini has received a major boost in her bid to become host to Africa’s biggest trade offices.


SACU member countries; South Africa, Namibia, Lesotho and Botswana, have unanimously endorsed Eswatini as befitting to host the Continental Free Trade Area (CFTA) offices.
This was announced at the close of the 6th Southern African Customs Union (SACU) Summit here yesterday.


Supports


“The summit supports the bid by the Kingdom of Eswatini to host the Secretariat of the African Continental Free Trade Area,’’ SACU Executive Secretary Paulina Elago announced as she read the communiqué.
The African Union (AU) has launched a CFTA which seeks to boost intra-African trade from the current 16 per cent, to about 53 per cent by removing tariff barriers. 


According to the AU, the CFTA will create a wider market of more than 1.2 billion people with a combined GDP of US$2.19 trillion.
Eswatini’s bid is expected to be submitted by His Majesty the King at the 31st Ordinary Session of the Assembly of Heads of State and government in Nouakchott, Mauritania tomorrow.


Ratify


The CFTA agreement was signed by African leaders in March this year during a summit in Kigali, Rwanda. The Kingdom of Eswatini returned home to ratify it through Parliament recently, which now puts the country in a favourable position for consideration as a host country.


Interviewed after the meeting yesterday Finance Minister Martin Dlamini said the endorsement by SACU was significant.
“If the whole of Africa could have an office in the country, this would boost the hospitality industry, the property sector and transportation while meeting centres would remain a hive of activity throughout the year,” he said.


He likened the benefits of having these offices to that of the AU itself in Ethiopia which created spinoffs for that country as it created confidence in other international organisations like the United Nations that opened offices there.


Created


Should it succeed, this would see Eswatini host offices for what is set to become the largest free trade area created since the formation of the World Trade Organization (WTO).


The CFTA will not only be a substantial landmark for Africa’s integration and unity, but it will also buttress Africa’s position in global trade.

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