By Aletha Mudyahoto- The African Continental Free Trade Area (AfCFTA) is a true manifestation of how ideas have been transformed from ideologies into development. Officially opened in January 2021, the AfCFTA aims to create a single market, requiring member states to lift tariffs from 90% of goods inorder to promote free access to commodities, goods and services across the continent. A free trade area is the region encompassing a trade bloc whose members have signed a free trade agreement sealing economic cooperation. AfCFTA covers trade in goods and services, investment and intellectual property rights etc. The full benefits of the AfCFTA are yet to be realised because it’s operations have been affected heavily by the persistent corona virus (covid-19) which has ravaged the whole continent, endangering economies resulting in disruption of industrial production, financial markets have become volatile, slow movement of goods and people as well as closure of borders which have slowed trade facilitation. The AfCFTA presents a crucial opportunity for regional integration, all member states are unified for a common interest of economic growth and development. The ability to successfully trade under the AfCFTA refutes the idea that Africans cannot prosper without dependency or inter- dependency on Western countries. Intra- Africa trade gives member states access to vast markets, with the removal of trade barriers countries are able to export their products and goods in many quantities and an increase in exports means an increase in domestic income and the flow of foreign currency and eventually reduction of...
“Why The African Continental Free Trade Area Is Important”
Posted on: July 8, 2021
Posted on: July 8, 2021