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$3.4trn AfCFTA economy: LCCI inaugurates regional integration trade c’ttee

The Lagos Chamber of Commerce and Industry (LCCI) has inaugurated the ECOWAS/AfCFTA Regional Integration, Trade & Investment Committee (EARI-TIC). It noted that the establishment of…

The Lagos Chamber of Commerce and Industry (LCCI) has inaugurated the ECOWAS/AfCFTA Regional Integration, Trade & Investment Committee (EARI-TIC).

It noted that the establishment of the committee is a demonstration of its commitment to promoting regional integration, trade and investment as one of its strategic responses to the peculiar challenges in the sub-region as well as on the continent.

AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight Regional Economic Communities (RECs).

The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately $3.4 trillion.

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At the inauguration ceremony, the LCCI President, Asiwaju (Dr) Michael Olawale-Cole, underlined the priorities of peace, political stability, and good governance as some of the foremost promoters of regional integration, trade and investment.

“Promoting regional investment and trade is a complex and very important task for private businesspeople and for the government for the benefits of the African continent. This is helped when all the critical stakeholders – public and private are seen and experienced to be above board, supported by relevant institutions and fault-free processes.

“I am therefore grateful to each member of the committee for their willingness to take on this work,” Olawale-Cole said.

It was learnt that the EARI-TIC will help the LCCI receive up-to-date information and analyze regional investment and trade-related issues from a broad array of stakeholders.

The EARI-TIC’s members include stakeholders from a wide range of backgrounds, including trade specialists, financial services, manufacturing, solid minerals, and professional services.

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