Kagame made his remarks at the official opening of Biashara Afrika 2024, a three-day forum themed "Dare to Invent the Future of the AfCFTA”, which focuses on the challenges and opportunities in the process of building regional and continental value chains and establishing reliable supply chain networks.

Small businesses owned by women and young people are the backbone of Africa’s economy, he added.

"The journey to establish the world's largest free trade area began here in Kigali, six years ago.

One year later in Niamey, the operational phase of AfCFTA was launched. These two historic moments demonstrate our commitment to the economic unity and prosperity of Africa", Kagame noted. 

Wamklele Mene, the Secretary General of the AfCFTA Secretariat, said that commissioning meaningful trade under the preferences of the AfCFTA is happening.

However, the volume remains modest, added Mene.

Mene noted that there are still pressing challenges. These include, among others, the high cost of trade finance, the exclusion of millions from the market, the impact of infrastructure constraints on trade flows, the over-reliance on imports of pharmaceuticals, the cost of transport and logistics, and the lack of progress in achieving free movement of persons in Africa.

"We must not step back from the task because it appears too big," he said.