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Since its signing at the 10 th Extraordinary Summit of the AU Assembly held on 21 st March 2018 in Kigali, Rwanda, the African Continental Free Trade Area Agreement (AfCFTA) entered into force on 30 th May 2019. Making, AfCFTA, effective is seen by many experts as one of the most ambitious integration initiatives on the continent. But it needs to be supported by continental institutions themselves. It is in that spirit of making the integration of African economies a reality that GATEAFRICA, a South African institution which mission is to promote and increase business-to-business trade in Africa, has decided to invest in targeted actions in order to contribute effectively to the realization of this innovative initiative of Africa for Africa.
Words of Welcome from the Director General:
In order for you to get an idea of what economic prospect Africa is worth, I invite you to go through the following few quotes and comments; Africa is an economic powerhouse, a single continental market for goods and services, with a combined population of more than one billion people and a combined GDP of more than US $3.6 trillion, Africa offers unparalleled investment and business growth possibilities for your business. Sub-Saharan Africa, home to more than 1 billion people, half of whom will be under 25 years old by 2050, is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and eradicate poverty in the region, enabling Africans across the continent to live healthier and more prosperous lives. With the world’s largest free trade area and a 1.2 billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people. The region is composed of low, lower-middle, upper-middle, and high-income countries….
Source : www.worldbank.org/en/region/afr/overview#1 Jun 02, 2021.
Agenda 2063 places great import in the role that trade plays in developing economies and recognizes that trade is a powerful engine for economic growth and development. Within framework of Agenda 2063, the AU has developed continental frameworks and flagship projects aimed at adding value to Africa’s commodities, reducing and removing barriers to intra-African trade and creating a larger market for African goods and services amongst its population of over one billion people. The AU initiatives in the trade sector are seen as key to inducing investments and pooling of African resources to enhance structural transformation and the development of regional value chains, boosting employment opportunities; increasing food security through reduction of trade barriers on agricultural products and increasing the competitiveness of African industrial products through harnessing the economies of scale of a continental wide market.
The Agenda 2063 flagship initiative the African Continental Free Trade Area (AfCFTA) refers to a continental geographic zone where goods and services move among member states of the AU with no restrictions. The AfCFTA aims to boost intra-African trade by providing a comprehensive and mutually beneficial trade agreement among the member states, covering trade in goods and services, investment, intellectual property rights and competition policy.
Source: Trade and Industrial Development | African Union (au.int)