Cabinet has approved the submission of the African Continental Free Trade Area (AfCFTA) Protocol on Women and Youth in Trade to Parliament for ratification.
The protocol aims to enhance the participation of women and youth in trade under the AfCFTA, and it outlines specific objectives such as helping women and youth traders to effectively participate in the market.
It also strives to foster value addition and innovation for increased imports and exports by women and youth as well as their inclusion in regional and continental value chains.
“The protocol also advocates for measures to eliminate discrimination, promote equality and inclusivity to ensure that women and youth benefit from trade opportunities,” Minister in the Presidency, Khumbudzo Ntshavheni told reporters on Thursday.
At the media briefing held following Cabinet’s meeting on Wednesday, the Minister said that other significant provisions of the protocol include eliminating non-tariff barriers affecting women and youth in trade, promoting their participation in policy formulation, and improving their access to finance.
“The protocol is expected to support women and youth in trade to take advantage of the opportunities presented by the AfCFTA and enhance their inclusive participation in intra-Africa trade.
Additionally, Cabinet has also approved the submission of the Protocol on Competition Policy under the AfCFTA to Parliament for ratification.
The protocol is an agreement by African Union (AU) member states to ensure that competition on the continent contributes to trade, inclusive growth, industrialisation and sustainable economic development.
The protocol focuses on preventing anti-competitive practices by providing a framework for addressing market concentration, abuse of power and other competition-related issues.
“The AU acknowledges that the absence of continental competition policies results in anti-competitive practices such as cartels and monopolies that abuse their market position,” said the Minister.
Cabinet said the protocol will apply to all economic activity within the AfCFTA market and will target anti-competitive practices including international and cross-border cartels that are not effectively regulated, as well as competitive practices initiated by larger enterprises operating outside the continent. -SAnews.gov.za
