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Browsing: Challenges and Opportunities: AfCFTA’s Impact on Intra-African Trade
- Every so often, Africa is being forced to choose sides between China, Russia, and the West.
- However, to win big, Africa must speak in one voice and trade as a unit in the new world order
- What’s more, Africa’s vas resource endowments can strengthen the continent’s resilience of its Transatlantic Alliance.
From friend-shoring brought about by COVID-19, then the Russia-Ukraine war, and now escalations in conflict in the Gaza strip, a new world order is taking shape, and Africa must align itself.
The big question for Africa is who to ally with and who to forego. Alignments with China are almost unavoidable, yet they place African economies at loggerheads with the West. While support for Israel pays off, it turns African countries into easy targets for the increasingly complex terror networks taking root on the continent.
Then there is the need to diversify sources of food and fertilizer imports, and …
- African economies are susceptible to global shocks and liquidity constraints due to overreliance on natural resources, delegates at Trade and Investment Conference of IATF2023 told.
- However, the African Continental Free Trade Area (AfCFTA) has the potential to break the continent’s colonial legacy of exporting raw materials and importing finished goods.
- The trade plan offers huge trade opportunities in manufacturing, export development, SME promotion, and trade in services.
The African Continental Free Trade Area (AfCFTA) has the potential to break Africa’s colonial legacy of exporting raw materials and importing finished goods. This assertion is according to Jean-Louis Ekra, Deputy Chairperson of the Intra-African Trade Fair (IATF2023) Advisory Council and a former President of the African Export-Import Bank (Afreximbank). Ekra made these remarks as the Trade and Investment Conference of IATF2023 got underway in Cairo.
In his opening statement, Mr. Ekra highlighted the unsustainability of African economies relying on natural resources and …