The International Affairs Committee (IAC) of the National Assembly, Chaired by Hon. Waven William met with the Department of Trade from the Ministry of Finance, Economic Planning and Trade on Wednesday 24th March 2021. The Chairperson of the IAC was accompanied by the Vice-Chairperson, Hon. Wavel Woodcock and other Members, namely; Hon. Philip Monthy, Hon. Kelly Samynadin, Hon. Wallace Cosgrow and Hon. Philip Arissol.
The purpose of this meeting was to discuss the African Continental Free Trade Agreement (AfCFTA) which was signed by Seychelles on 21st March, 2018 in Kigali, Rwanda. Mr Ashik Hassan, Director General of the Trade Division, Mr Charles Morin, Chief Negotiator for Trade Agreements and Mr Ricky Barbe, Senior Trade Officer, were the representatives of the Department who were present for the meeting. The Department provided an in-depth presentation that included the successes and setbacks they have faced over the years since Seychelles signed the Agreement.
The negotiations in this Agreement are to be conducted in two phases; phase 1 covers trade in goods and trade in services and phase two covers Investment, Intellectual Property Rights and Competition Policy. Thus far, there are several areas of negotiations that have been completed under the Agreement such as trade facilitation and non-tariff barriers to trade (NTBT). The Department has pointed out that there are several benefits that can come from the ratification of this agreement. Ratifying this agreement will open Seychelles to new markets, promote industrial development and inclusive socio-economic growth as well as help to address challenges notably with employment, creation of wealth and enticement of foreign direct investment.
The Department of Trade concluded that this is in fact a very important Agreement and it is their wish to have the support of the Committee as the negotiation progresses so that our national interests are reflected therein. The representatives noted that Africa is a rich market that can bring many benefits to Seychelles. There are new tools and projects underway that will facilitate the Department in its ongoing and future negotiations to put the country at a better position to move forward.
The Committee will submit its Report to the House when the instrument will be presented for ratification soon.
