TradeMark Africa – Strategy 3 aims to raise USD 700 million to support sustainable trade initiatives.
TradeMark Africa (TMA), an aid for trade organization, has announced its comprehensive seven-year plan, Strategy 3, aimed at fostering greener, more inclusive, and digital trade across Africa. With a targeted investment of USD 700 million, TMA seeks to reduce trade costs, enhance efficiency, and contribute to job creation, while supporting the African Continental Free Trade Area (AfCFTA) and promoting environmentally-friendly trade practices.
TradeMark Africa – Recognizing the power of sustainable, inclusive trade
TMA Board Chair, Ambassador Erastus Mwencha said, “At the heart of this plan is the recognition that sustainable and inclusive trade is a powerful tool for poverty reduction and economic growth; and that trade can be a catalyst to take on major global challenges including climate change, particularly in Africa as the continent positions itself for economic take-off. “We will retain our focus on reducing the time and cost it takes to trade across borders, with a target of doing so at selected corridors and trade nodes by 15%.”
Since its establishment in 2010, TradeMark Africa has played a crucial role in reducing the time and cost of cross-border trade in the Eastern Africa region. The organization has collaborated with various entities, including ports, revenue authorities, and customs systems, to enhance trade efficiency and promote economic integration.
TradeMark Africa’s recent expansion to West Africa with the opening of a new office in Ghana demonstrates its commitment to advancing trade facilitation across the continent. The organization’s newly launched commercial arm, Trade Catalyst Africa (TCA), is poised to mobilize finance for commercially viable infrastructure projects, contributing to the development of trade infrastructure in Africa.
TradeMark Africa Council of Donors Chair, Mogens Larsen, said of the organization’s development, “We are proud of the results TMA has achieved over the last 13 years, especially in reducing the time and cost of cross-border trade; and enabling businesses to capitalize on these gains, in an inclusive way. TMA’s Strategy 3 lays out a big step forwards in facilitating increased trade in Africa through green economic growth, with the solid conviction that Africa can both develop rapidly and can do so in a climate resilient way.”
Enhancing trade efficiency and global competitiveness
TradeMark Africa’s third strategic plan focuses on driving the reduction of trade costs and improving efficiency across the African continent. By facilitating an increase in Africa’s share of exports and the value of its exports to the rest of the world, TMA aims to boost Africa’s global trade position while creating job opportunities.
TMA will leverage automated systems to streamline cross-border transactions and expedite the movement of goods along strategic trade and transport corridors. By intensifying its efforts to reduce the time and cost of trading across borders by 15%, TradeMark Africa aims to enhance trade facilitation and foster economic growth.
Commitment to sustainability and inclusive trade
TradeMark Africa has made driving a greener trade environment and supporting marginalized groups, particularly women and youth, to engage in value-added goods trade through formal channels key priorities. The organization aims to leverage green investments of up to USD 180 million to decarbonize trade and logistics processes in sub-Saharan Africa. By actively positioning Africa for economic take-off and harnessing the catalytic potential of trade, TMA is attempting to address major global challenges while stimulating poverty reduction and economic growth.
Building strong partnerships
TradeMark Africa’s success hinges upon strong partnerships and political ownership across the regions where it operates. The organization will collaborate with governments, businesses, and stakeholders to deliver measurable results and drive rapid changes that make a tangible difference. By fostering collaboration and reinforcing political commitment, TMA aims to achieve its goals and overcome the development challenges of today.
TradeMark Africa Chief Executive Officer, David Beer said of the plan, “Over this strategic plan, TMA will both focus on what works best, in expanding our capabilities to deliver inclusive and sustainable trade across Africa; and will help tackle some of the major development challenges of today, not least the impact of climate change. Strong partnerships and political ownership wherever TMA works will remain critical to our success, which will be reinforced through delivering measurable results and rapid changes that make a concrete difference.”
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