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The African Continental Free Trade Area (AfCFTA), established in 2018, will create the world’s largest free trade area, bringing transformative change and tremendous opportunity to African economies and business environments. Global businesses have an important role to play in accelerating the implementation of the AfCFTA. This report outlines high-potential sectors, initiatives to support ...
Enter the African Continental Free Trade Area (AfCFTA). Launched on 1 January, the AfCFTA is an exciting game changer. Currently, Africa accounts for just 2% of global trade. And only 17% of African exports are intra-continental, compared with 59% for Asia and 68% for Europe. The potential for transformation across Africa is therefore significant.
Accelerating the implementation African Continental Free Trade Area (AfCFTA) would drive the region’s long-term recovery and growth. With a growth rate of 4.5% in 2021, sub-Saharan Africa’s economy was starting to recover from the worst effects of the COVID-19 pandemic but this progress has been jeopardized. The war in Ukraine has increased ...
Listen to the article. Agriculture makes up 35% of Africa’s GDP and employs about half of its people, but the continent still imports billions of dollars of agri-product every year. Under the African Continental Free Trade Area (AfCFTA) agreement, Africa’s need to import so much will be reduced, and domestic processing capacity boosted ...
The African Union has launched the operational phase of the Africa Continental Free Trade Area (AfCFTA), which will be the world's largest free trade area by number of countries once it’s fully up and running.
The Africa Continental Free Trade Area (AfCFTA) was established in 2018 to provide opportunities for the world to benefit from the continent’s economies and businesses. A new report from the World Economic Forum, AfCFTA Secretariat and Forum partners provides tools and strategies for leveraging the new trade area’s opportunities.
The African Continental Free Trade Area (AfCFTA) aims to bring together 1.3 billion people in a $3.4 trillion economic bloc that will be the largest free trade area since the establishment of the World Trade Organization. Backers say it will boost trade among African neighbours while allowing the continent to develop its own value chains.
The wins. 1. New markets. The AfCFTA will allow African-owned companies to enter new markets. This expands their customer base and leads to new products and services, making investing in innovation viable. 2. Economic growth. Manufacturing represents only about 10% of total GDP in Africa, on average.
The African Union is on a mission to transform the continent by 2063. This is what you need to know. Increased productivity. The continental free trade area facilitates industrialisation by creating a continental market, unlocking manufacturing potential and bolstering an international negotiation bloc. Finally, the continental free trade area ...
A fully implemented African Continental Free Trade Area would transform economies, raise African gross domestic product by 9% and reduce poverty by 50 million. It could also be a catalyst for further changes and attract investment from within Africa and beyond. However, these benefits depend on finalising the negotiations, which, compared with ...