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African customs body says African free trade arrangement not to affect revenue

The World Customs Organization of East and Southern Africa on Wednesday dispelled fears that the coming into effect of the African Continental Free Trade Area (AfCFTA) agreement was likely to affect revenue collection among countries in the African region.

Larry Liza, director of the customs organization in charge of building capacity said countries will need to put in place implementation measures and legal frameworks aimed at protecting revenue collection.

He said there was need for countries to look at a broader picture on what benefits were expected to be accrued from the agreement.

“The market may seem to affect revenue collection, but the agreement is expected to be more beneficial to society through increased trade facilitation and business opportunities,” he is quoted as saying by the state-run news agency, the Zambian News and Information Service (ZANIS).

According to him there was no need for stakeholders to be agitated with the impending implementation of the agreement, adding that it will allow the business community to have access to foreign markets.

Source: Xinhau

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark East Africa.

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