Browsing: African Continental Free Trade Agreement (AfCTA)

The AfCFTA sends a strong signal to the international investor community that Africa is open for business, based on a single rule-book for trade and investment - Secretary General of the AfCFTA Secretariat H.E. Wamkele Mene Photo/UNCTAD

Realizing AfCFTA’s potential for Africa

Industry and Trade

 

The African Continental Free Trade Area (AfCFTA) could deliver far greater benefits in terms of jobs, growth, and poverty reduction than previously estimated – making it a potential game changer for Africa’s economic development if its ambitious goals are fully realized, a World Bank 2022 report indicates.

Two key points stand out in that World Bank statement, first ‘AfCFTA could deliver greater benefits…than previously estimated,’ and second, ‘if it’s ambitious goals are fully realized.’

The first point begs the question how could a continent-wide trade pact be undervalued,’ and the second is the possibility that the one trade zone might not take off as planned.

Also Read: East African SMES ready to tap into the wider African market

Let us look at the AfCFTA goals and determine whether they are indeed ambitious or just realistic and if so, let us review the hurdles that may derail AfCFTA from achieving

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Financial and environmental institutions, United Nations, multinationals and sustainability campaigners on Thursday gathered in Nairobi to hold the inaugural Africa Summit to accelerate green and sustainable finance.

How Africa can create jobs, conquer poverty

Africa

Economic diplomacy can conquer poverty and create more jobs in Africa, President Uhuru Kenyatta has said.
The Kenyan President has since called on those in positions of power to provide quality leadership by getting actively involved in economic diplomacy that delivers opportunities for growth and transformation.

President Kenyatta spoke at Avani Victoria Falls Resort in the tourist town of Livingstone in Zambia, when he addressed the inaugural National Economic Summit (NES) at the invitation of President Dr Edgar Lungu.

READ ALSO:Why it’s too expensive for Africa trading internationally

Economic diplomacy is an engine that developing countries are employing to drive faster economic development especially in Africa.

It is becoming a major theme of the external relations of virtually all countries.  Economic Diplomacy promotes a country’s foreign and financial relations in support of its foreign policy. (Modafinil)

Current trends include increasing collaboration between state and non-official agencies, and …