CAPE TOWN, Oct. 9 -- President Jacob Zuma on Monday reaffirmed South Africa's commitment to the establishment of the Continental Free Trade Area (CFTA), as envisioned by the African Union (AU).
South Africa takes the CFTA negotiations very seriously, as the intervention has the potential to contribute positively to economic growth and development in Africa, Zuma said while answering questions raised by Members of Parliament in the National Assembly.
"Our commitment to the CFTA is evidenced by the fact that South Africa hosted the meeting of the AU Assembly of Heads of States that launched the CFTA negotiations," Zuma said.
The AU decided in 2017 to establish the CETA by October 2017, and the decision was reconfirmed in Addis Ababa, Ethiopia in November 2016.
The aim is to enhance intra-regional trade and ensure that African countries trade with each other on better terms than third countries. The CFTA is also one of the priorities of Agenda 2063 set out by the AU.
Apparently referring to concerns over little progress in establishing the CFTA, Zuma said the AU Assembly of Heads of States receives regular feedback on progress.
Each negotiating party makes its own sovereign assessment about the benefits of entering into the CFTA negotiations and whether they potentially outweigh the negative considerations that arise, said Zuma.
In South Africa, the CFTA negotiations are receiving the highest political attention, Zuma said.
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