Five Years On: What Has become of the AfCFTA?
The African Continental Free Trade Area (AfCFTA) was ambitiously launched with the goal of transforming trade across Africa, creating what would be the world's largest free-trade zone by connecting 1.3 billion people and aiming for an additional $450 billion in revenue by 2035. However, five years after its signing in 2019, questions arise about its implementation and overall impact.
The Promise of AfCFTA
The AfCFTA was designed to dismantle trade barriers, reduce tariffs on 90% of goods by 2034, and foster a single market for goods and services across 55 African countries. It was seen as a pivotal step towards economic integration, promising to elevate intra-African trade, stimulate industrial growth, and enhance economic competitiveness. Early transactions under this framework, suc...