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African Continental Free Trade Agreement to benefit Namibia

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Namibia stands to benefit from the African Continental Free Trade Agreement (AfCFTA), Economist and Development Coordination Officer at UN Namibia, Eunice Ajambo said at the recently-held Africa Summit. Ajambo, in a media statement issued by the UN on Tuesday, said […]

Namibia stands to benefit from the African Continental Free Trade Agreement (AfCFTA), Economist and Development Coordination Officer at UN Namibia, Eunice Ajambo said at the recently-held Africa Summit.

Ajambo, in a media statement issued by the UN on Tuesday, said Namibia will particularly benefit from opportunities for economic diversification and value chain development and expansion, as means to economic transformation.

“Analysis indicates Namibia is set to see its Gross Domestic Product increase by between 4.1 per cent and 4.2 per cent. The country’s exports are to increase between 2.8 per cent and 2.9 per cent with the implementation of the AfCFTA. Significant gains are to be expected in all main sectors, with strong potential to promote industrialisation in sectors including textiles, wearing apparel, leather, milk and dairy products, wood and paper, metals, chemicals, vehicle and transport, electronics and other machinery,” she said.

She added that over 85 per cent of the gains in Namibia’s exports to the rest of Africa would be in industrial products, nearly 10 per cent in agriculture and food, and less than 5 per cent in energy and mining.

Namibia’s exports would increase significantly towards all African sub-regions, outside of SACU, including extension of value chains to countries such as Cameroon, Kenya, Rwanda, Senegal, Tunisia and Zimbabwe, offering opportunity to industrialise through regional integration and trade, said Ajambo.

The summit was held at Princeton University in the United States under the theme ‘The Future is African: Post-COVID Economic Recovery Re-imagined’.

Source: Namibia Press Agency

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