ADDIS ABABA, Jan. 29 (Xinhua) -- The Secretariat of the African Continental Free Trade Area (AfCFTA) announced a partnership initiative that envisaged eradicating counterfeit and illicitly traded products from the continental free trade pact.
According to the AU, the partnership between the AfCFTA Secretariat with the Future Investment Initiative and OriginAll S.A. represents "a historic effort and opportunity to harness their respective strengths in an effort to eradicate counterfeit and illicitly traded products from the AfCFTA nations."
"The initiative will deprive criminal, terrorist and disruptive structures from one of their main sources of revenues, channeling back billions of dollars into the region's legitimate economy," the statement read.
Wamkele Mene, Secretary General of the AfCFTA Secretariat, stressed that counterfeiters and illicit traders have been "taking advantage of our continent for centuries, depriving our nations from substantial revenues, fostering corruption and costing the lives of hundreds of thousands of African citizens every year."
"This can no longer be tolerated, it needs to stop, and it must stop now. We must put our national interests and the safety of African citizens first," he said.
The continental free trade deal has been ratified by 34 African members. Trading under the African continental free trade commenced on Jan. 1, 2021. The AfCFTA is the largest in the world in terms of participating countries since the formation of the World Trade Organization (WTO).
OriginAll S.A. will serve as the bridge to harness this highly fragmented environment and provide a single window, for business, government, and consumers to identify and verify the authenticity and conformity of any product sold within the AfCFTA, it was noted.
It develops solutions and technological platforms that can effectively combat counterfeit and illicitly traded products, helping governments protect their national interests, maximize their tax revenues and enhance the safety and wellbeing of their citizens.
The Future Investment Initiative is an international platform for expert-led debate between global leaders, investors, and innovators with the power to shape the future of global investments. Enditem