AFREXIMBANK and International Islamic Trade Finance Corporation (ITFC) Partner With ARSO to Facilitate Intra-African Trade in Pharmaceuticals and Medical Devices, under the Umbrella of the AATB Program
The African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC), have partnered with the African Organisation for Standardisation (ARSO), to launch a new Arab-Africa Trade Bridges Program (AATB) initiative called the Harmonisation of Standards for Pharmaceutical and Medical Devices in Africa, aimed at promoting the quality and safety of medicines and medical devices imported or produced on the continent.
Harmonized product standards are critical to the implementation of the African Continental Free Trade Agreement (AfCFTA), ensuring that producers of goods on the continent comply with one shared set of minimum regulatory and customer quality requirements, in turn allowing them to supply the continental market and beyond with goods that meet those standards. The harmonisation of standards also serves to enhance the quality of African manufacturing and boost intra-African and Arab-African trade and investment – one of the AATB’s key objectives.
The initiative, which will be implemented in a phased manner over three years, begins immediately with the harmonisation of standards for pharmaceutical products and medical devices for use in the ongoing COVID-19 pandemic. The second phase will analyse and assess existing international, regional, and national standards for their suitability in meeting the unique challenges faced by African healthcare industries before achieving the 3rd phase, which is the harmonization of the related African Standards and their adoption on the continent.
Commenting on the initiative, ITFC CEO, Eng. Hani Salem Sonbol said, “From a trade development standpoint, harmonizing the standards of pharmaceutical products and medical devices in Africa is a crucial first step in facilitating local production and trade within sector. Such standards provide a necessary baseline from which to regulate the sector more effectively, raising the quality of locally produced life-saving drugs and related products, and ensuring timely access to appropriate and affordable medicines, vaccines, and other health services for those who need them most. It will also act as a catalyst for Africa to benefit from a burgeoning pharmaceutical sector, expanding trade opportunities locally and beyond borders thus creating long term sustainable socio-economic impact on the continent”.
The initiative will also serve to enhance trade and investment within Africa’s healthcare industry by boosting the manufacture of high-quality homegrown products and services – objectives laid out within the AfCFTA.
Welcoming the initiative, Mrs. Kanayo Awani, Afreximbank’s Managing Director of the Intra-African Trade Initiative said, “At a time when the demand for quality medicines and medical devices is increasing, Africa needs to reinforce regional value chains to scale-up the supply of quality medical products. This would also contribute to building the continent’s resilience against pandemics like COVID-19 in the future. Furthermore, leveraging on the African Continental Free Trade Agreement, this joint initiative will also facilitate increased intra-African trade in pharmaceuticals and medical consumables.”
As part of a COVID-19 response, the harmonization of standards will facilitate the development of equivalent technical regulations among African countries. Therefore, distribution of medical supplies and equipment from one country to another can be fast-tracked.
A long-term outcome of the initiative will be the emergence of regional supply chains for pharmaceutical and medical devices, which will foster an ecosystem of innovation, local production and the development of medical products for diseases that are currently neglected.
Commenting on the initiative, ARSO’s Secretary General, Dr Hermogene Nsengimana, said “While on one hand COVID-19 has created social distancing as a new norm, on another hand it has brought Africa together by opening our eyes to the need for industrialisation. Standards circulated by ARSO and other standards organisations related to face masks, and hand sanitizers have been used widely by African SMEs to develop locally made personal protective equipment thereby shedding light on the role of standards in industrialization, safety, and trade. This Initiative with Afreximbank and ITFC, will not only help in increasing local production but will also create trust and enable cross border trade and investment for pharmaceutical products and medical devices.”
The African Organisation for Standardisation (ARSO) will play a key role in the development of standardization policies, applying existing principles and procedures that are already set out in the African Standards Harmonisation Model (ASHAM). ARSO’s involvement will be supported by its Council, in addition to a Joint Advisory Group comprised of Regional Economic Communities, and a series of technical committees, which will carry out the harmonisation work with the resources provided under this grant from AFREXIMBANK and ITFC.
Forex3 weeks ago
Naira2 weeks ago
Billionaire Watch2 weeks ago
Naira2 weeks ago
Naira1 week ago