The Indigenous Business Persons Association of Malawi- IBAM says it is optimistic that businesses and the economy will be boosted by the African Continental Free Trade Area agreement.
The trade agreement says Africa will become a single market effective July 1 this year.
IBAM’s President, Mike Mlombwa, has told YFM that the development will enhance the free flow of goods in to the country and give opportunity to business players to find international markets.
“This is a welcome development because the system will boost our businesses. We used to encounter hurdles when trading with other countries such as high custom duties, which was a setback among many business players,” he said.
“We are also optimistic that this will help us to get back on our feet after being hit by the corona virus pandemic,” he added.
Mlombwa also cautioned business players to fully utilize the opportunity and help improve the country’s ailing economy.