Sebahizi: Youth have potential to harness AfCFTA opportunities

Rwanda's Minister of Trade and Industry, Prudence Sebahizi, recently sat down with CNBC Africa's Flora Limukii to discuss the pivotal role of the private sector in unlocking intra-African trade's potential, fostering industrialization, and creating employment opportunities for young people across the continent. The conversation highlighted the importance of seizing the moment to reshape Africa's economic future, promote sustainable growth, and harness the African Continental Free Trade Area (AfCFTA) as a transformative force for the continent's development. Sebahizi emphasized the need to support small and medium enterprises (SMEs) in tapping into market opportunities, as they constitute up to 90% of businesses in Africa. He discussed Rwanda's proactive approach in building the capacities of SMEs to comply with market standards and regulations, enabling them to access both national and international markets. Through initiatives like 'Zamuka Nubu Ziranengi,' Rwanda aims to empower SMEs to navigate the complexities of trading within the AfCFTA. Sebahizi also highlighted the importance of collaboration among SMEs to reduce logistics costs and enhance competitiveness. By joining forces, SMEs can benefit from cost-sharing mechanisms and discounts on transport, making trade more accessible and cost-effective. The discussion further delved into Rwanda's readiness to harmonize competition policies in line with regional and continental frameworks. Sebahizi noted that Rwanda has been reviewing its competition and consumer protection laws to align with the East African Community and AfCFTA competition policies. By strengthening competition regulations, Rwanda aims to ensure a level playing field and protect SMEs from unfair practices by larger corporations. Addressing the issue of non-tariff barriers, Sebahizi outlined the challenges faced by landlocked countries like Rwanda in terms of logistics and trade processes. He pointed out that cumbersome verification processes, roadblocks, and delays in customs inspections contribute to non-tariff barriers that hinder efficient trade flow. Sebahizi emphasized the need for streamlined processes and improved business-friendly regulations to facilitate smoother trade operations for landlocked countries. Overall, the interview shed light on Rwanda's commitment to enhancing intra-African trade, supporting SMEs, and overcoming obstacles to maximize the benefits of the AfCFTA for sustainable economic growth and development.