Mozambique hopes to ratify the African Continental Free Trade Agreement (AfCFTA) by the end of this year, Minister of Industry and Commerce Silvino Moreno announced on Thursday.
AfCFTA is an ambitious trade pact aiming to form the world’s largest free trade area by connecting almost 1.3 billion people across 54 African countries. The agreement aims to create a single market for goods and services in order to deepen economic integration in Africa.
Given this, Minister Moreno urged the private sector to modernise its services so that Mozambican companies were able to compete internationally.
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Silvino Moreno was speaking at the African Export-Import Bank (Afreximbank) business forum in Maputo, an event taking place on the sidelines of the Annual Private Sector Conference (CASP).
Also present at the occasion, CTA president Agostinho Vuma said that the business sector would support the government continuing to stimulate the strategic development sectors for the period 2020-2024.