Uganda is considered to be one of the countries that will immensely benefit from the African Continental Free Trade Area (AfCFTA) agreement.
According to the Economic Policy Research Centre 2020, Uganda’s earnings from African economies increased from US$ 798 million in 2008 to US$ 1.6 Billion by 2018.
On the other hand, earnings from non-African economies increased from US$ 927 million in 2008 to US$ 1.5 Billion by 2018.
PSFU in partnership with the United Nations Development Programme (UNDP) in Uganda commenced a Training of Trainers (ToT) workshop for business associations’ representatives in Uganda.
The ToT happening at Royal Suites Bugolobi sought to, is aimed at creating awareness on the AfCFTA and strengthen the capacities of export ready enterprises in Uganda and is part of the interventions under the “Trading beyond EAC and COMESA – Unlocking Uganda’s potential in the AfCFTA Project”
The ToT under the theme “Creating Awareness on the AfCFTA and Strengthening the Export-readiness of private sector enterprises” is aimed at equipping selected business associations representatives with knowledge on the provisions of the AfCFTA, the market opportunities the trade agreement offers, and the rights and responsibilities that come with it.
When fully implemented, the AfCFTA is believed to be an economic game-changer for Africa.
This mega-trade arrangement, the first of its kind, will bring together 55 African countries and 8 Regional Economic Communities (RECs), to create a single continental market, with a population of more than 1 billion people and a current combined gross GDP of US$ 1.3 trillion.
“We are hoping to tap into this opportunity through trading in both goods and services as African countries. However, tapping these opportunities requires preparedness. This training is one step in the right direction to achieving that,.” sSaid PSFU Chief Executive Officer, Stephen Asiimwe.
The workshop was attended by business associations and multiple stakeholders from Business associations represented at the training workshop represented from Agriculture, Manufacturing, trade and & Commercecommerce, Transport and logistics, Oil & Gas, ICT & Professional services and Tourism sectors.
PSFU Members represented include; Uganda Beef Producers’ Association, Uganda Fish Processors & Exporters Association, Uganda Coffee Federation, Uganda Tea Association, Hortfresh Association, Uganda Leather & Allied Industry Association, Uganda Dairy Processors Association, Uganda Oil Seed Producers Association , Information & Communication Technology Association, The Uganda Business Process Outsourcing Association, Uganda Law Society, Institute of Certified Public Accountants Uganda, Uganda Private Vocational Training Institutions Association, Uganda Medical Association, KACITA Uganda, Uganda Bankers Association, Uganda Insurers Association, Uganda Shippers Council, Federation of Uganda Flight Forwarders Association, Uganda Freight Forwarders’ Association, Regional Lorry Drivers and Truckers Association, Uganda Clearing Industry & Forwarding Association, Association of Uganda Tour Operators and Uganda Tourism Association.