The Department of Trade, Industry and Competition (the dtic), in partnership with the City of Cape Town, will host a workshop on the implementation and operationalisation of the African Continental Free Trade Area Agreement (AfCFTA).

The workshop, which will be held on Friday, is also in collaboration with the Western Cape Department of Economic Development and Tourism, and the Western Cape Tourism, Trade and Investment Promotion Agency (Wesgro).

This follows the successful hosting of workshops in Gauteng, KwaZulu-Natal, Limpopo and Mpumalanga.

The primary objective of these gatherings is to apprise South African companies and export-ready Small and Medium Enterprises (SMEs) on the benefits of trading under the AfCFTA.

The AfCFTA seeks to establish a large single continental market, encompassing a population of approximately 1.3 billion people and a combined Gross Domestic Product (GDP) of approximately USD 3.4 trillion.

By participating in preferential trade beyond the Southern African region, South African companies can unlock significant progress and benefits for their respective businesses.

According to the Chief Director of Africa Multilateral Economic Relations at the dtic, Sandile Tyini, the workshop seeks to communicate and engage with the private sector, SMEs, as well as women and youth-owned export-ready businesses on the status of the implementation of the AfCFTA, including opportunities for South African companies to participate in preferential trade beyond the Southern African region.

“The workshop will focus on six sector master plans, namely steel and metal fabrication; agriculture and agro-processing; retail-clothing, textiles, footwear, and leather (R-CTFL) value chain; automotive industry, sugar value chain and forestry.

“These workshops will also identify companies, within the provinces in the targeted sector master plans, as well as other priority sectors that wish to export to the rest of the continent.

“In addition, the workshops will expose export ready companies to the benefits of exporting under the AfCFTA,” Tyini said.

The AfCFTA presents tremendous opportunities for South African companies to expand and diversify their export base beyond traditional markets in Southern Africa.

By exploring new markets in North, West, Central and Eastern Africa, businesses can tap into previously untapped potential.

The continental free trade area also includes mechanisms to support emerging producers, SMEs, as well as women and youth entrepreneurs, enabling them to participate and benefit from the opportunities it offers.

Source: South African Government News Agency