Browsing: Trade standards

How the digitalization of African trade will help realise the AfCFTA

The digitalisation of trade across the continent can significantly boost free trade in Africa, helping to realize the objectives of the Africa Continental Free Trade Agreement (AfCFTA).

To properly implement the AfCFTA, Africa will need digitalisation in the digital and virtual services and making it an enabler of trade in the different sectors.

By 2030, Africa’s population will have grown from the current 1.2 billion people to an estimated 1.7 billion. With this growth, the AfCFTA has to create an integrated African market for these consumers. The aggregated gross domestic product (GDP) from this market could see the market hit US$3.4 trillion after the opening up of the continent’s economic borders.

Read: Africa’s Cashless Payment Revolution

There are, however, various issues such as harmonising standards and improving the existing legal frameworks; enacting cybersecurity, consumer and data protection laws; and …