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The Africa Continental Free Trade Area (AfCFTA) is a flagship project of Agenda 2063 of the African Union — Africa’s own development blueprint. It was approved by the African Union Summit as an urgent initiative to provide quick wins, impact on socioeconomic development and enhance confidence and the commitment of Africans as the owners and drivers of Agenda 2063.
AfCFTA covers a market of 1.2 billion people and a gross domestic product (GDP) of $3.4 trillion, across all 55 member States of the African Union. The implementation of AfCFTA commenced in January 2021 and once fully implemented will be the world’s largest free trade area since the formation of the World Trade Organization.
By consolidating Africa into one trade area, AfCFTA provides great opportunities for trading enterprises, businesses and consumers across Africa and the chance to support sustainable development. It is estimated by the Economic Commission for Africa (ECA) that AfCFTA has the potential both to boost intra-African trade by 52.3 per cent through elimination of import duties, and by over 100% when non-tariff barriers are significantly reduced.
Despite holding great significance to Africa’s future, very few people seem to understand AfCFTA beyond the meaning of the Acronym – What is it about? How does it work? What are the opportunities for SMEs/Youth/Women? Is it just another fad that will come and fade away?
This forum is aimed at bringing clarity to this “development instrument” which is heralded to lift about 100 million Africans out of poverty.
Please feel free to engage
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