For a third time in a row, African’s business and human rights stakeholders convened in Nairobi, Kenya for the third session of the Africa Business and Human Rights Forum (BHRF).
Delegates from over 40 countries in Africa participated in the forum which took place from 8-10 October, 2024 under the theme: Promoting Responsible Business Conduct in a Rapidly Changing Context.
The BHRF reviewed the progress that states are making in trade and development since the African Continental Free Trade Area (AfCFTA) agreement came into force in 2019.
Speaking during a session on Challenges and Solutions: Empowering Youth and Women to Achieve Development through Trade Organised by the Office of the United Nations High Commissioner for Human Rights (OHCHR) and United Nations Development Programme (UNDP), Mr Emolot Allan David, Chairperson of AfCFTA Youth Advisory Council said youth are the large demography in Africa and access to finance will ensure their active participation in trade.
“Youth and women require finance to be able to up their production and ensure value addition to meet the AfCFTA market standards. This finance should not come as handouts but as loans with minimal interests,” said Emolot.
He added that AfCFTA member states must align their national policies to ensure that there is meaningful youth participation in trade leveraging on the protocol.
With the agreement signalling the States’ commitment to Africa’s development through trade and creates the world’s largest Free Trade Area with the potential to unite more than 1.2 billion people in $2.5 trillion economic bloc and usher in a new era of development.
Malawi ratified the AfCFTA in January, 2021 and stands a chance to benefit from the intra-continental trade. More investments are required to boost production and infrastructure development for the country to benefit from such trade agreements.