02 Aug 2018 09:00am
WINDHOEK, 01 AUG (NAMPA) - For Namibia to grow its economy, the country needs to become more active in foreign markets, SMEs Compete Director, Danny Meyer said on Wednesday.
In an interview with Nampa, Meyer said the African Continental Free Trade Agreement (AfCFTA) will benefit the country.
It is an exciting development, especially in the long run, and it really was a wise decision by Namibia to become a signatory to and thereby a party to the AfCFTA, he said.
Taking into account market size limitations, Meyer said the agreement will benefit many as it will increase exports of goods and services.
According to the African Union, one of the main objectives of the agreement is to expand intra-African trade through better harmonisation and coordination of trade liberalisation and facilitation and instruments across Africas Regional Economic Communities and across Africa in general.
Meyer said the export of goods and services is the way forward for companies and for countries in the Southern African Development Community (SADC).
Viewed from a regional perspective, countries in sub-Saharan Africa will grow their respective economies at a much faster pace than they have done in the past, with a higher level of trade among themselves, he explained.
He added that a good starting point would be an increased level of exports between countries in the region which would progressively expand further into other regions on the continent.
Meyer said the AfCFTA is a step in the right direction, as businesses have been calling on their governments to facilitate easier movement of goods, services, capital and people.