The private sector is being invited to talk to the Department of Trade to facilitate their entry into African markets.
The call from the department, follows the ratification by the National Assembly of the African Continent Free Trade Area (AfCFTA).
Speaking to the local press on Friday 25th June, the Principal Secretary for Trade, Ms. Cillia Mangroo, explained that the agreement is for the benefit of the private sector.
“Local businesses have to come forward and let us know which market on the continent they would like to trade with, because then we can negotiate some preferential rates and tariffs.”
By ratifying the agreement, Seychelles can fully participate in bilateral negotiations. Currently negotiations for the movement of goods (export/import) are well advanced.
“We have ensured that we have opened more markets in Africa for our fishery products, for example.”
This agreement is not solely for business transactions between African countries. Services and investments are two areas in which negotiations are yet to commence.
PS Mangroo noted that Seychelles has a strong services industry, such as professionals, which can be exported to the continent.
Under AfCFTA, an African Trade Observatory will be set up, which will provide businesses with a virtual platform to advertise and access products/materials from the continent.
Seychelles is the 39th country in Africa to ratify the African Continent Free Trade Area (AfCFTA) which was finalized in 2018.
By ratification, local businesses now have access to a market of 1.2 billion people, with an abandon of natural resources, which can result in cheaper imports.
Source: Ministry of Foreign Affairs of the Republic of Seychelles