Intra-African trade deals worth more than $40 billion are the subject of talks scheduled for the second Intra-African Trade Fair (IATF2020) scheduled to take place in Rwanda next year.
The trade fair will take place in Kigali from September 1-7, 2020, President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah announced on Tuesday during the signing of the hosting agreement for IATF2020 by the Government of Rwanda, Afreximbank and the African Union.
The system will facilitate trade settlement in local currencies, providing a vital boost to intra-regional trade.
Oramah said that for IATF2020, which is being organized by Afreximbank in collaboration with the African Union and hosted by Rwanda, the partners had set themselves the ambitious target of attracting more than 1,000 exhibitors and hosting over 10,000 buyers and conference participants from over 50 countries.
According to him, the trade fair will build on the tremendous progress made in the first Intra-African Trade Fair held in Cairo in 2018 to achieve more far-reaching results in terms of impact in promoting Intra-African trade.
Oramah who noted that “52 countries have signed the AfCFTA and 22 have ratified it, paving the way for the agreement to enter into force”, said that IAATF2020 would include an IATF Trade and Investment Forum which will look at the practical challenges affecting AfCFTA implementation and provide solutions on how to address them and exploit the benefits offered by the Agreement.
Afreximbank will showcase some practical solutions, including the Pan-African Payments and Settlement System, which will be launched at the AU Extra-Ordinary Summit of Heads of State and Government in Niamey in July 2019, he said.