The Ministry of Trade and Industry has challenged local private sector players to widen the scope and focus of the continental market for services under the African Continental Free Trade Area (AfCFTA).
It has transpired that since Malawi’s schedule of specific commitments was submitted and adopted by the council of ministers at a meeting held in July 2022, the country is yet to record transactions under the pact.
In an interview, Ministry Trade and Industry spokesperson Mayeso Msokera said Malawi committed to liberalise the AfCFTA service sectors such as business services, financial services, communication services, tourism services and transport services.
“Malawi is positioned to also benefit from offering potential services such as financial services, tourism and professional services.
“We would like to encourage private sector operators in the potential sectors such as tourism, where Malawi has potential due to availability of tourist attractions facilities, tour operators, hotels and conferencing,” he said.
In a recent interview, South Africa-based international trade expert, who is also Executive Director for Trade Law Centre, Trudi Hartzenberg said that development on trade in services should not derail negotiations and progress on trade in goods.
According to the African Union (AU), focus on trade in services has been placed in five priority areas including tourism, transport, business services; communication services; financial services; transport services, and tourism and travel-related services.
In a statement, the AU says more needs to be done towards operationalisation of the pact.
“The ultimate objective is to ensure that AfCFTA is truly operational and the gains from the initiative are improved in order to achieve increased inter-regional and intra-Africa trade that would yield economic development for the betterment of the continent at large.
