In a bid to equip journalists with points regarding the Africa Continental Free Commerce Space (ACFTA), which got here into impact on January 1, 2021, the Community of Monetary and Tax Reporters (NFTR) with help from the Ministry of Commerce and UNDP on Wednesday convened a day’s sensitization on ACFTA on the Nationwide Vitamin Company (NaNA).
Addressing the discussion board, Ousman Bojang, the director of Commerce on the Ministry of Commerce, Regional Integration and Employment, stated the adoption of the settlement establishing the Africa Continental Free Commerce Space (ACFTA) is a vital milestone within the historical past of the African continent, as the will is to collectively promote continental growth by commerce.
He stated (ACFTA) settlement is not going to solely present a strong platform for the state events to work collectively in the direction of sustainable development and growth, however it’ll additionally function a platform in mobilising African help in advancing the WTO Doha Improvement Agenda and advocate for stronger multilateral buying and selling system within the curiosity of all members.
The regional commerce integration, he added, has lengthy been a strategic goal for Africa, regardless of some success in eliminating tariffs inside regional communities.
“A variety of non-tariff and regulatory boundaries nonetheless elevate transaction prices and restrict the motion of products, companies, individuals and capital throughout borders all through Africa.”
Bojang revealed that it’s estimated that intra-African commerce prices are round 50% increased than in East Asia, and are the best of intra-regional prices in any growing area as the results of these excessive prices is that Africa has built-in with the remainder of the world sooner than with itself.
For his half, Abdoulie Nyokech, president of Community of Monetary Tax Reporters stated that the first goal of the NFTR-Gambia Chapter is to function a watch- canine to make sure that there may be truthful play in tax fee between enterprise communities, the federal government and the tax authorities.
He defined that amongst the goals of the NFTR, is to coach and sensitise the plenty on the significance of tax fee to authorities and the devastating impact of anti-money laundry and terrorist financing within the sub area.
“We consider the media has an vital function in serving to shield our monetary system and financial system from cash laundering and terrorist financing threats.” he concluded.