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UNDP, ITC jointly engage in AfCFTA to raise African biz opportunities

12
Jul '21

Pic: Intracen

The United Nations Development Programme (UNDP) and the International Trade Centre (ITC) have joined hands to empower African small businesses, women and young entrepreneurs to leverage the African Continental Free Trade Area (AfCFTA) and expand cross-continental business opportunities. ITC is a joint agency of the World Trade Organisation (WTO) and the United Nations.

This joint initiative comes as the continent contends with the economic strain of the COVID-19 pandemic and seeks to drive recovery as well as build resilience for African businesses across the continent.

ITC and UNDP will aim to increase the competitiveness of businesses, grow employment opportunities and achieve several UN Sustainable Development Goals (SDGs), an ITC press release said.

In a memorandum of understanding signed virtually, both organisations committed to boosting the economic empowerment of women, increasing economic and employment opportunities for youth, broadening access to trade and market intelligence for small businesses and promoting e-commerce to enhance intra-African trade.

These four working areas come as part of ITC’s One Trade Africa initiative which seeks to empower, enable and enhance small businesses to access business opportunities, with a focus on ensuring women and youth are included in the continental market equation.

The objectives also align with UNDP’s Renewed Strategic Offer in Africa which includes a key focus on promoting structural transformation in Africa.

Building on UNDP’s Signature Initiative on Women and Youth and its ongoing work programme in support for AfCFTA implementation, this collaboration will strengthen UNDP's capacity to offer concrete support to businesses on the ground to maximize benefits from the continental free trade area.

UNDP and ITC will achieve these objectives through joint action at country level. Both agencies will support efforts to train and coach business support organisations and incubator hubs, equip policymakers with data, organize joint continental events and virtual workshops and expand opportunities for e-learning.

Small businesses, women and young entrepreneurs will be equipped to take advantage of the AfCFTA and more effectively cater to the African market, which is expected to total 1.3 billion consumers by 2050.

Fibre2Fashion News Desk (DS)

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