The Federation of African Law Students (FALAS) has applauded His Excellency Dr. George M. Weah, President of the Republic of Liberia, for officially announcing a submission before the National Legislature for ratification of the African Continental Free Trade Area.
It can be recalled that on January 30, 2023 President Weah delivered his sixth annual State-of-the-Nation Address to Liberians and other nationals residing in Liberia. While delivering the state of affairs of the Republic, President Weah indicated that an Agreement Establishing the African Continental Free Trade Area is one of his flagship bills among others submitted before the Legislature and currently pending ratification.
Against this background, the Federation of African Law Students (FALAS), a unifying body for law students on the African Continent, said they applaud the President and his government for such a development, which the group describes as welcoming not only for Liberia but the entire Continent. “FALAS believes that Africa needs to have economic freedom and market transition. If the countries will have better economies, then Africa will need to have high annual growth and a great degree of wealth creation,” the African law students stated in a press release issued over the weekend, signed by their International President, H.E. Siaffa Bahn Kemokai, II.
“So the higher the degree of our economic freedom the stronger the performance of our economy. This is simply because when there is a free economy, there will be competition. Everybody tends to do or try to achieve more and maximize his or her potential; as a result of that, everybody would like to grow from the position he or she was before.
“The African Continental Free Trade Area (AfCFTA) is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs) to create a single market for the continent. The aim is to enable the free flow of goods and services across the continent and boost the trading position of Africa in the global market,” the release noted.
According to the FALAS release, “It is estimated that the AfCFTA has the potential both to boost intra-Africa trade by 52.3 percent by eliminating import duties and to double this trade if non-tariff barriers are also reduced. With average tariffs of 6.1 percent, businesses currently face higher tariffs when they export within Africa than on the continent. The AfCFTA will progressively eliminate tariffs on intra-Africa trade, making it easier for African businesses to trade within the continent and benefit from the growing African market. AfCFTA is expected to expand the size of Africa’s economy to US$29 trillion by 2050.
“FALAS notes that the Agreement for the African Continental Trade Area is keenly aligned with its vision which seeks to create a platform for African law Students to interact and work towards building a formidable continental legal community. It is on such note that FALAS sees the pronouncement as a determined advantage for massive partnership building in pursuit of the collective goal of maintaining the rule of law as a panacea for national development on the continent, and call on the National Legislature for the speedy ratification of the AFCFTA bill submitted by President Weah.”
The release continued, “Ratification of said agreement in more nations will strengthen existing strides in the sector. Meanwhile, FALAS will shortly host a Continental Moot Court Competition for member countries with sponsorship from the Association of Legislative Drafting and Advocacy Practitioners (ALDRAP) of Nigeria and the Private Sector Investment. The Moot Court competition will be conducted virtually with finalists taken to Kigali, Rwanda for an in-person appearance, and issues surrounding the African Continental Trade Agreement (AfCTA) will be one of the essential areas to be deliberated. This event will present an opportunity for law students from across Africa to come together while debating legal issues that would help provide sensitive insights on the rule of law, peace, and security.
“Additionally, the Federation extends thanks and appreciation to the United Nations Development Program (UNDP) regional Directorate for Africa of the decision to commit funding for the speedy ratifications of the AFCFTA by African countries as well as other international bodies for the support and partnership with African Nations as a way of ensuring that enabling environments are created to spur many opportunities including the Continental Trade Area.
“FALAS sees it timely for African Nations to accelerate actions in ratifying the Continental Trade agreement and that the best time is now.”