The Abuja Chamber of Commerce and Industry (ACCI) Thursday signed a Memorandum of Understanding with the East
African Business Council (EABC) as part of the efforts to promote and facilitate trade cooperation among business communities in the two regions.
Statistics revealed that Intra African trade is less than 20%, but the Africa Continental Free Trade Area (AfCFTA) instruments offer greater advantage for Africa.
The MoU, therefore, President of ACCI, Dr Al-Mujtaba Abubakar explained will help boost commercial information exchange, customer due diligence information and offers a platform for alternative dispute resolution on trade matters.
He said, “This MoU establishes a framework for cooperation on all the formalities needed, policies to be harmonised, trade and business relations to factor in the opportunities on both sides, digitisation, information sharing, capacity building and general support, especially technical support to all the parties.
He said the signing of this MoU would reaffirm this partnership with modalities of cooperation and types of activities to include: Maximization of the benefits of the AfCFTA and opportunities for parties involved; and Creation of opportunities for parties to grow commerce, industry and import/export.
“I know that we all share the same feeling of excitement and optimism when we think of the wonderful possibilities that can come about by virtue of this historic partnership,” added.
He stressed that the partnership between ACCI and EABC would leverage on the expertise and networking reach of both parties to carry out activities that will promote Intra-African Trade amongst members.
The purpose of the MoU is to outline roles, scope and approach in the collaboration between the parties towards the opportunities that can be harnessed to strengthen intra-African trade.
On his part, the Chief Executive Officer EABC, Mr. John Bosco Kalisa stated that they believe in the opportunities they can get by working with ACCI.
He said to strengthen the partnership, they have to consider that the centre of it all is AfCFTA as the instrument which will leap the African economy to a better advantage.
The Director General ACCI, Victoria Akai gave a brief summary of the activities and structure of the Chamber.
He said ACCI is a noted Grade-A Chamber leading the organised private sector and partnering with government to foster socioeconomic development and national prosperity through the promotion of trade, investments and enterprise.
ACCI operates through four Centres; the Dispute Resolution Centre (DRC), Policy Advocacy Centre (PAC), Abuja Trade Centre (ATC) and the Business Entrepreneurship Skills and Technology Centre (BEST).
These Centres together with the secretariat are the vehicles through which ACCI implements its activities. All of our
Centres have been adopted by the umbrella body, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA.
Our engagement with the international Chambers of Commerce has placed us as one of the top five best Abuja Chamber of Commerce and Industry.
