Socialist Party Seek Opportunity Through African Continental Free Trade Area

The Socialist Party’s (SP) first vice-president Cosmas Musumali has said that the party view the African Continental Free Trade Area (AfCFTA) treaty as an opportunity to reduce poverty and enhance equity in Zambia as an opportunity to reduce poverty and enhance equity in Zambia.

The comment comes as part of an article on the SP’s website which discusses the party’s position on the AfCFTA.

The AfCFTA agreement created the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined GDP of US$3.4 trillion. It facilitates the movement of both capital and people within the area.

Dr Musumali said that at present only around 5 Zambian companies were among the top 100 in food manufacturing on the continent. He deemed this as being inefficient, especially given the vast array of resources which the country has.

“This is highly insufficient given our immense comparative advantages and the urgency for export diversification,” he said. “We will therefore enable six more food manufacturing companies to join that league of continental players within 10 years.”

Seeing participation in AfCFTA as an opportunity, Musumali was not blind to the fact that that in order to benefit from the treaty, action must be taken to achieve the possibilities that the AfCFTA agreement can open the country up to.

“…the AfCFTA provides an opportunity. However, as with most opportunities, it needs concrete action and processes embedded in achieving the collective and common good for the masses of our people, otherwise it will quickly vanish or even become a liability.”

Photo: Socialist Party Website