Leading African trade officials are advocating for harmonised competition protocols to secure fair trade practices under the African Continental Free Trade Area
Some leading African trade officials have called for harmonized competition protocols to ensure fairness in trade under the African Continental Free Trade Area (AfCFTA).
At the ongoing third edition of Biashara Afrika in Togo, an annual pan-African business and investment forum organized by the AfCFTA Secretariat, participants stressed that without a strong common protocol, unfair practices such as market abuse, unfair trade practices, cartels, and monopolies would undermine the goal of the AfCFTA.
Speaking at a high-level conference on competition policy and law held on the sidelines of the event on Tuesday, Simeon Koffi, director-general of the Economic Community of West African States (ECOWAS) Regional Competition Authority, said that cross-border anti-competitive practices, differences in national legal frameworks, and a lack of funding are among the key challenges facing competition authorities in member states.
Koffi added that barriers to market entry, the dominance of informal economic activity, institutional weaknesses, and inconsistent enforcement of regional trade rules further deepen the bottlenecks that require urgent attention.
