Nairobi, Kenya – The vibrant city of Nairobi plays host to a high-level continental summit, where the African Union (AU), Regional Economic Communities (RECs), and Regional Mechanisms (RMs) have gathered to discuss ways to enhance integration and accelerate the implementation of the African Continental Free Trade Area (AfCFTA). The 5th Mid-Year Coordination Meeting (MYCM), held from July 13 to 16, has attracted 51 foreign ministers from AU member states, along with the participation of 14 Heads of State.
Under the theme “Acceleration of African Continental Free Trade Area Implementation,” this summit aims to foster closer ties among nations and boost trade across the African continent. The discussions revolve around exploring innovative strategies to overcome challenges and ensure the successful implementation of the AfCFTA, which holds the promise of unlocking Africa’s vast economic potential.
The MYCM, established in 2017 as a platform for aligning efforts and coordinating the continent-wide integration agenda, serves as a critical forum for the AU and RECs to assess the progress of their decisions and adopt new resolutions on continental issues of significance. The meeting will also address the AU’s financial budget for 2024, which plays a vital role in supporting the organization’s programs and initiatives.
Amidst ongoing conflicts and crises that have affected numerous AU member states, the summit recognizes the urgency of finding solutions. Dhoihir Dhoulkamal, the AU’s Chairperson of the Executive Council, acknowledged the challenges faced by the continent, including the war in Sudan, the conflict in Eastern DRC, the transition processes in Mali, Burkina Faso, and Guinea, as well as external factors such as the war in Russia and Ukraine, which negatively impact Africa’s agricultural production.
The gathering of over 1,500 delegates from across Africa presents a unique opportunity for Kenya to showcase its capabilities in hosting international conferences, with the potential to drive tourism and trade. Foreign Affairs Cabinet Secretary Dr. Alfred Mutua emphasizes the significance of such events, stating, “Every successful international conference held in Kenya cements our globally known legacy and further gives delegates the opportunity to experience magical Kenya beyond the confines of the conference halls.”
In addition to the MYCM, Nairobi also hosted the African Union’s High-Level Private Sector Forum, a three-day event aimed at boosting trade on the continent. The forum, held from July 10 to 12 at the Kenyatta International Convention Centre (KICC), brought together more than 500 participants, including public policymakers, private sector actors, financial institutions, and representatives from women and youth-led start-ups. The event emphasized the importance of public-private sector engagement in driving inclusive growth, sustainable development, and regional and continental trade and investment.
This momentous summit in Nairobi underscores the commitment of African nations to forge stronger bonds, promote economic prosperity, and create opportunities for shared development. As discussions unfold, stakeholders are hopeful that the outcomes will pave the way for a more integrated and prosperous Africa, where trade and collaboration thrive across borders and continents.
By: Montel Kamau
Serrari Financial Analyst
17th July, 2023
photo source: Google
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
