AfCFTA Friday #11: Demystifying AfCFTA Protocol on Women and Youth
Digging Into What This African Continental Free Trade Area (AfCFTA) Protocol Entails Through a Webinar by the African Youth Business Council
Yesterday evening, the African Youth Business Council (AfYBC) held its first Webinar on Demystifying the Protocol on Women and Youth. The Council is a youth-led private entity that advocates for a youth-friendly business environment in the continent.
Adam Alqali, the AfYBC president moderated the Webinar where the guest speakers were:
Prudence Sebahizi, the Director of the Directorate of Institutional Matters and Programs Coordination (DIMPC) in the AfCFTA Secretariat
Gugulethu Siso, the Founder and CEO of Thumeza Fintech
Aforia Jeniffer Eweonam, Ghana’s ICOYACA Champion. The Independent Continental Youth Advisory Council (ICOYACA) is a body aimed at galvanizing youth inclusion in the AfCFTA. It has chapters in all African countries.
Emolot David, the chairperson of ICOYACA also chimed in with some insights. Here are the Webinar’s highlights to help you demystify the Protocol on Women and Youth.
Brief History of The AfCFTA
Back in 1963, during the formation of the African Union, the aspiration to have a common market in the continent was born. Fast forward to the mid-2010s, negotiations began.
By 21st March 2018, the Heads of State had signed the agreement and one year later it came into effect. On 1st January 2021, trading under AfCFTA officially launched.
The signing of the AfCFTA was a pivotal moment in the history of Africa. It created a single market in the continent that would help promote movement of people and capital.
It is the largest trade agreement in terms of membership in the entire world. Thus far, 54 out of 55 countries have signed and 47 countries have ratified.
How The AfCFTA Protocol on Women and Youth Came to Be
In 2022, The Secretariat started discussing The Protocol on Women and Youth fueled by concerns across the continent that the agreement wasn’t youth-responsive or women-responsive.
The Protocol was among last to be added to the agreement but it gathered so much consensus, it was one of the fastest negotiated protocol in the history of Africa.
In less than two years, the experts concluded the Protocol and in February this year, it was launched. The speed showcased the support and belief African leaders had for young people and women in trade.
Why is The Protocol on Women and Youth Important?
Small and Medium-Sized Enterprises (SMEs) which make up 90% of all businesses in Africa are owned by youth and women by 60 to 80%. A Legal Instrument that addresses their needs is therefore critical.
If implemented fully, the Protocol will help young people and women contribute up to 40% to Africa’s GDP
When women and young people leverage the Protocol, it will create jobs
Current level of intra-African trade is below 20%. To raise it, a Protocol that catered to the needs of the majority of the population was critical– More than 60% of Africa’s population is below 25 years.
What’s Included in The Protocol on Women and Youth?
The Protocol was born out of a realization that the AfCFTA should not only contribute to economic development but also cause equitable and beneficial distribution of trade opportunities.
That means it should benefit everyone equally. The general objectives of the protocol are:
Promote sustainable and inclusive socio-economic development
Promote diverse value chains
Support inclusion in regional and continental value chains
Promote equal opportunity for women and youth in intra-African trade
Beyond these objectives, the Protocol also aims to:
Build capacity to pioneer intra-Africa trade. That means developing adequate knowledge required to trade. It includes vocational training and entrepreneurship programs.
Transition women and young people from informal to formal cross-border trade. Often, women and youth operate in informal sector due to lack of transparency and lack of conducive regulatory environment.
Unfortunately that creates more problems because they lack access to the necessary skills and resources to compete effectively. Also, they encounter discrimination.
With a protocol that addresses the unique challenges of women and youth in trade, the hope is that it will urge them to formalize their trade activities.
Provide for regulatory and policy reforms to make it easier for women and youth to trade.
Intellectual Property Rights Clause
The clause will protect ideas and innovation. As a young person or a woman, you can innovate freely without fear your ideas will be stolen because there is a legal document that safeguards your ideas.
Competition Policy Clause
The Competition Policy will protect SMES and young entrepreneurs from unfair competition by big companies and multinationals
It will also protect SMEs from unfair practices that might occur when trading under the AfCFTA market. More than that, it will promote transparency in the market and encourage African entrepreneurs to access new markets.
No More Excuses: Young People and Women Should Start Trading Under AfCFTA
When initially brokering the agreement, the young people were a little forgotten. Now a protocol that represents young people and women in trade has become a reality.
It is a credit to the Secretariat for putting it together and ensuring it is both youth-responsive and women-responsive.
As young people and women, you can no longer blame the African Union. It is your job to ensure it is ratified and operationalized. Ratification and operationalization ensures the protocol is binding and member states can protect the interests women and youth in trade.
Conclusion
The remaining huge task is to advocate for the full implementation of the Protocol at national level. Young people should advocate for member states to ratify and create awareness among women and youth who cannot access such meetings.
Mr. Prudence concluded by saying:
We should all take the responsibility of drumming awareness to our individual countries.
Let’s not miss this opportunity. The AfCFTA could be the last opportunity Africa has to complete meaningfully in the global arena. Let’s be the true leaders of today in every aspect of our daily lives by creating opportunities for ourselves and the rest of the continent.
Check out more of our articles on the AfCFTA:
AfCFTA Friday #2: What are the opportunities contained in the AfCFTA
AfCFTA Friday #3: How the AfCFTA can contribute to climate change efforts in Africa