Egyptian Minister of Investment and Foreign Trade, Hassan El-Khatib, on Tuesday launched the 17th Ministerial Meeting of African Trade Ministers, stressing the need for cooperation to advance the continent's common market and localise industries. The meeting in Cairo was attended by trade ministers from across the continent, as well as Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), and other high-level officials. In his opening speech, El-Khatib said the meeting comes at a critical time and reflects the commitment of African countries to advance the work of the AfCFTA, which he described as the main lever for enhancing economic integration and creating new jobs and investments. He noted that the volume of intra-African trade is only 14-15%, compared to 60-70% in Europe, which reflects the "huge untapped opportunity" on the continent. "The only way to achieve these ambitions is through cooperation and joint action to ensure that the agreements are a win for all countries without exception, and that Africa must take charge of its own destiny," he said. El-Khatib stressed the importance of building trade relations based on the principle of mutual gain, explaining that the goal is to achieve balance and sustainable partnerships among all nations. He pointed out that while the continent possesses natural resources, rare minerals, and human capital, it needs to localise industries and promote manufacturing to achieve the desired development. The minister highlighted the main challenges facing intra-African trade, including weak connectivity, high shipping costs, a lack of shipping lines and distribution hubs, and limited financing. He affirmed that Egypt, in its presidency of this ministerial meeting, will work with member states to advance negotiations and resolve outstanding issues. He added that finalising the rules of origin for the automotive and textile sectors is a key priority, proposing the adoption of transitional rules that could be implemented gradually over a specified period. El-Khatib also stressed that enhancing continental infrastructure in transport, communications, and logistics is a prerequisite for connecting African markets and facilitating the flow of goods, services, and capital. This requires mobilising private sector investment through an attractive investment environment and expanding partnerships with regional and continental development banks and institutions. He concluded by affirming Egypt's unwavering commitment to the continent, saying that "Africa is the heart and the future," and that the success of the AfCFTA lies in "transforming planning into implementation."
