The Africa Continental Free Trade Area | AfCFTA is not simply just a free trade agreement, even though it's the 2d largest trade area in the world - but it definitively is a vehicle for Africa’s economic transformation, and the agreement is made up of 54 African countries merging into a single market of 1.3 billion people.
This resource, with the merit of enhancing sustainable markets, could create an economic bloc with a combined GDP of $3.4 trillion
Once in place, intra-African trade is expected to grow by 33% and Africa’s total trade deficit is expected to be cut in half
In addition, the AfCFTA could generate combined consumer and business spending of $6.7 trillion by 2030, according to the Mo Ibrahim Foundation
It’s an investment tool that could be considered one of Africa’s greatest assets in the economic recovery of the continent, per each country
Through its various protocols, it would facilitate the movement of persons and labor, competition, investment and intellectual property
An African Union summit to finalize tariff concessions in May has been postponed to December 2020, further delaying the AfCFTA’s start date
The potential of the AfCFTA is to lift 30 million people out of extreme poverty.
The AfCFTA secretariat recently announced that the new effective date will be 1 January 2021.
PABWA launches a countdown campaign today in honour of the new 'GO LIVE' date.
We caught up with the SG of the AfCFTA for a quick update on their new home at AfRICA Trade House and also a general sense of where things are at the moment.
We'll bring you regular updates as part of this countdown campaign.