The Minister of Planning and Economic Development participates in ITC session entitled "Transforming Trade Integration in Africa into a Reality"

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated in the session held by the International Trade Center (ITC) under the title "Transforming Trade Integration in Africa into a Reality" through video conference technology.During her speech, Dr. Hala El-Said said that the first period of 2020 witnessed the outbreak of the Corona pandemic at a time when African countries signed one of the largest trade agreements in the world during the 12th Extraordinary Summit of the African Union, which witnessed the launch of the African Continental Free Trade Area (AfCFTA).El-Said indicated that the African member states have introduced structures at the continental level to promote free trade among them, due to the epidemic, explaining that the implementation of the region has been postponed, travel bans, border closures, and closures have been postponed as a result of the pandemic,El-Said pointed out that the member states recognized that free trade is not only related to reducing and eliminating customs duties but rather opens the way for greater economic activity and job creation, in addition to promoting  regional economic integration and adopting common approaches to trade and investment.El-Said added that despite Africa being a resource-rich continent and a vast market, with about 1.3 billion people, African trade in goods and services is still low.El-Said explained that Africa is expected to move towards regional integration through the African Continental Free Trade Area to create new opportunities for companies, facilitate travel across the continent and beyond, encourage diversification away from exports of traditional goods in Africa and avoid volatile prices that affected the economies of many countries.El-Said referred to the estimates of the United Nations Conference on Trade and Development (UNCTAD) that the African Continental Free Trade Area could boost intra-African trade by 33% and reduce the continent's trade deficit by 51%.El-Said emphasized the important role that African women play in international trade, explaining that the percentage of women in the continent's self-employed population is 58%.

El-Said added that Africa is a world leader in the field of businesswomen, explaining that unleashing their potential can contribute to the growth and prosperity of the continent, as by empowering women entrepreneurs and helping them grow. El-Said affirmed the Egyptian government's awareness that supporting the agenda of the African Continental Free Trade Zone will enhance women's participation in intra-African trade, which will increase their contribution to the growth of exports to the African market.El-Said pointed to Egypt's support for regional integration, by working with African brothers to integrate the priorities of Africa's Agenda 2063 into the planning and follow-up systems for its programs, specifically in the economic and regional integration sectors. El-Said explained that Egypt is planning to increase exports to Africa from $5 billion annually to $15 billion over the next four years, explaining that the needs of African markets are currently being studied with a focus on Egypt's distinct export sectors.