The leaders reaffirmed their determination to ensure that Africa’s industrialization and economic diversification is financed in a predictable manner
ADDIS ABABA, Ethiopia, December 2, 2022/ — With increasingly growing concern over the slow progress in the implementation of the Industrial Development Decades for Africa (IDDA) I, II and III; the Strategy for the Implementation of the Action Plan for Accelerated Industrial development of Africa (AIDA); and other continental strategies and programmes relevant to industrialization, structural transformation and development towards the achievement of the African Union Agenda 2063, African leaders have committed to far-reaching and firm decisions to accelerate industrialization, economic diversification and trade on the continent, with full ownership by the citizens.
The leaders reaffirmed their determination to ensure that Africa’s industrialization and economic diversification is financed in a predictable manner and with the urgency of identifying and addressing the impediments to productivity and growth through infrastructural development, energy, access to finance, digitalization, innovation, and skills development to achieving economic diversification.
Here is a highlight of the key points of commitment at the just concluded African Union Extraordinary Summit on Industrialization and Economic Diversification, and the Extraordinary session on the African Continental Free Trade Area convened in Niamey, Niger on the 25th of November 2022.
Working with development partners, the African Union will also produce and disseminate amongst Member States, an annual Africa’s Industrial Development Report base on an African Industrial Development Index, and fast-track the establishment of the African Industrial Observatory.
The leaders called on the African Continental Free Trade Area Secretariat to support the implementation of the Single African Air Transport Market (SAATM) under the Guided Trade Initiative in collaboration with the African Civil Aviation Commission, African airlines and other relevant stakeholders. Further, the Secretariat is expected to fast-track the implementation of a work programme related to the Annexes for Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) specifically in the areas of standards harmonization.
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