The academic, who doubles as a consultant of ECOWAS Common
Investment Market, made the call during his presentation titled “Conceptual
Issues in Africa Integration Emergence of AfCFTA, and It’s Protocol” at a
Leadership Stakeholders Consultation in Lagos.
He said, “If AfCFTA cannot be domesticated into the national
law, it cannot be deployed in defense of cases involving their violations
before courts of law in the country, neither can they be used for advocacy of
rights within the country.
“Further to this, violators of AfCFTA provisions, whether
they be institutions, companies or individuals cannot be held accountable,
since the AfCFTA treaty has not been domesticated in the country”.
This he said can be supported by section 12(1) of the
constitution of the Federal Republic of Nigeria, 1999, about Implementation of
treaties which states that “no treaty between the federation and another
country shall have the force of the law except to the extent to which any such
treaty has been enacted into law by the National Assembly”.
Aremu further said failure or lateness for Nigeria to
domesticate AfCFTA will cause unreasonable hardship on other AU member states
that intend to have commercial relationships with the country under the
continental economic integration.
This he said will further discourage reading and affect the
inflow of investments into Nigeria and also stunt the growth of the law in the
country.
He also advocated the need for an upgrade of the overall
quality of the nation’s physical infrastructure like roads, rail, port
facilities, telecommunications, which are prerequisites to profitable
intra-African trade
The professor also called for the use of online information
portal, single windows, digital documentation, Pan African Payment and
Settlement System (PAPSS), electronic Certificates and signatures and automated
processing of trade declaration which would help simplify, streamline and
expedite trade-related procedures at the borders.
For Nigeria to fully benefit from AfCFTA, Professor Aremu
said Nigeria must reduce infrastructural deficit by building on ongoing efforts
and also reduce other critical NBTs such as customs and other administrative
requirements that directly affect the capacity of economies to trade
merchandise within and outside their borders.
Other suggestions from Professor Aremu include improving
trade facilitation commitments of the country as regards categories A, B, and C
with WTO/TFA as a priority area for reforms while also ensuring a strong
institutional and governance framework in the implementation of AfCFTA.
On commencement of AfCFTA, the Don said beyond boosting
Intra-Africa trade, the larger market offered by AfCFTA are expected to trigger
investment, leading to high productivity and addition to the continent’s value
chain, provide more and better jobs and further enlarge the continental market.
Additionally, he said despite the high level of political
momentum around AfCFTA, the ultimate success depends on African states not
merely ratifying the treaty but repositioning themselves towards complying with
demands in the AfCFTA.
He said while other continents have increased intra- trade
among them, Africa still lags behind in trading within itself.
“Intra-Africa trade is about 12%, compared to North America
Free Trade Area (NAFTA) of 40% and 63% between economies of Western Europe and
30% for ASEAN.
“There can never be any good reason why it is easier for us
to trade with Asia, Europe and America, rather than with fellow Africans”
Professor Aremu quoted former Ghanaian President, John Mahama as saying.
The academic said African countries can improve intra-trade
among themselves by adopting trade diversion, which entails abandoning the
lowest cost producer like China and importing the same product from a member of
the union.
Prof. Aremu also said the policy of trade creation where the
country with comparative advantage is allowed to produce a particular product
while others patronize it can be employed.
“By bringing down the barriers to trade between Nigeria and
Egypt, the imports from Egypt will become cheaper than the ones produced by
companies within Nigeria and those imported from China, since import duties
remain on China, thereby creating more trade from Egypt,” he narrated.
Prof Aremu lamented over Africa’s contribution to global
trade volume and blamed the lack of proper renegotiation of global agreements
to integrate the continent and increase her participation in the global trade.
According to him, “Africa accounts for about 3% of the
global trade despite Doha Development Agenda (DDA) of the WTO, AGOA of USA and
ECAs of EU; all of which have not been negotiated to enable Africa’s successful
integration into the global economy despite promises”.
Speaking further on the African situation, he said: “Africa
accounts for just 2.4% of global GDP; has approximately 30% of the earth’s
remaining mineral resources; largest reserve of precious metals, over 40% of
gold reserves, over 60% of cobalt and 90% of platinum reserves, yet Africa is
the world’s poorest and underdeveloped”.
In a similar vein, the Senior Special Assistant to the
President on Public Sector Matters and Secretary of the National Action
Committee on AfCFTA, Francis Anatogu, says the objectives of the African
Continental Free Trade Agreement will help to deepen economic integration in
the continent.
Anatogu also says that AfCFTA’s goals will also improve and expand intra-Africa trade, enable rule-based engagement for facilitating dispute resolution and addressing injurious trade practices.
Mr Anatogu said the agreement will also serve as the
foundation for the establishment of a continental Customs Union.
He expressed optimism that if effectively implemented, the
AfCFTA will result in the elimination of tariffs on 90 per cent of tariff
lines, adding that product-specific rules of origin will help to grow African
content.
While making a presentation on, “Defining the Trade in
Service Strategy for the AfCFTA,” Anatogu also stated that the pact would
assist in the harmonisation of policies, regulations and standards, as well as
lead to customs co-operation and mutual administrative assistance.
The AfCTA, according to him will double intra-Africa trade
flows, currently at 15 per cent as well as double Africa’s share of world trade
from three per cent to six per cent over the next 10 years.
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