Rwanda set to host 2nd edition of AfCFTA Business Forum

Rwanda is set to host the second edition of the African Continental Free Trade Area (AfCFTA) Business Forum slated for October 9-11. The forum, dubbed ‘Biashara Afrika’, will bring together global leaders, businesses and policymakers to explore the future of intra-Africa trade under the AfCFTA. Biashara Afrika 2024 is timely for Africa as it fosters collaboration and innovation among entrepreneurs, driving economic growth and addressing pressing challenges in a rapidly evolving marketplace, Cassien Karangwa, the Acting Director General of Trade and Investment at the Ministry of Trade and Industry, told the New Times. Karangwa added that the forum aims to empower entrepreneurs on the continent by providing access to resources, networking opportunities, and mentorship to enhance business growth. Intra-Africa trade has remained low at around 15 per cent of total African trade, despite the potential of the AfCFTA to harness the continent’s market of 1.3 billion people and a combined GDP of $3.4 trillion. ALSO READ: What is the AfCFTA Guided Trade Initiative all about? The forum will discuss, among other issues, the structural and policy challenges that need to be addressed so as to increase the production of value-added goods and services as well as how to unlock investment opportunities for key infrastructure and supply chain corridors. Another important feature of Biashara Afrika will be the showcasing of the second AfCFTA Guided Trade Initiative (GTI), with the participation of more than thirty AfCFTA state parties. According to Karangwa, the GTI has been beneficial to Rwandan businesses. Rwandan businesses have gained from the Guided Trade Initiative by accessing new regional markets, thereby expanding their consumer base and increasing export opportunities across the African continent, he said. ALSO READ: AfCFTA: Rwanda dispatches first mixed agric consignment to Ghana Karangwa added, The recent establishment of an export company called Igire Continental Trading Company Ltd that enables local businesses to consolidate their goods into a single consignment, thereby optimizing logistics and reducing costs, is another milestone. Through this initiative, businesses leverage RwandAir’s preferential tariff of $1 per kilogram for consignments exceeding one tonne, and $1.40 per kilogram for consignments of less than one tonne, against the normal rate of $1.80 per kilogram, giving an opportunity for businesses to maximize their reach within the African market. Also on the agenda is the AfCFTA Adjustment Fund, which is headquartered in Rwanda, following the signing of the 'Host Country' agreement between the AfCFTA Secretariat, the African Export-Import Bank (Afreximbank) and the Rwandan Government, on 10 March 2023. The $10 billion fund is meant to support AfCFTA state parties to adjust smoothly to the newly liberalised and integrated trading environment established under the AfCFTA Agreement, by mitigating potential adverse impacts of AfCFTA-induced tariff revenue losses. The Biashara Afrika Forum, expected to draw between 1,000 -1,500 participants, will focus on a number of priority sectors including agribusiness, pharmaceuticals, automotive, transport and logistics as well as digital technologies.

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Rwanda set to host 2nd edition of AfCFTA Business Forum