Africa is a patchwork of regulations and tariffs, and trade between countries have suffered as a result. A united African continent working towards common goals would be a major force on the global economic stage.
The African Continental Free Trade Area (AfCFTA) is the biggest free trade agreement since the establishment of the World Trade Organization. The objective of the agreement is to create a single continental market for goods and services, with free movement of business people and investments.
Earlier this week, The Gambia was the 22nd country to announce that its government has ratified the agreement, meeting the threshold to officially put the wheels in motion.
Even though the threshold for pushing AfCFTA forward has been reached, Nigeria’s lack of commitment is still a major blow to the strength and credibility of the agreement.
To read more on Africa’s free trade ambitions, visit visualcapitalist.com
As the EU struggles with Brexit, the African Union is working towards a more integrated continent.
Despite the glaring challenges of unifying a multifaceted continent, the AU is hopeful that African leaders will become more open to the idea of a free trade area and unifying passport.
But how achievable is a ‘United States of Africa?’
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#AfricanUnion#PanAfricanism#United StatesofAfrica #AfCFTA#AfricanUnionPassport ...
At the Extraordinary Summit of the #AfricanUnion to launch the operational phase of the #African Continental Free Trade Area #AfCFTA :
a tool to unleash innovation, drive growth, transform economies & contribute to a prosperous & peaceful continent, as foreseen in #Agenda2063 & #2030Agenda ...
Does the African Continental Free Trade Area represent an opportunity for #Africa ? If successfully implemented, the #AfCFTA could generate a combined spending of $6.7 trillion by 2030, accelerate industrial development, expand economic diversification, and facilitate quality #job creation — including for #youth , #women , and small and medium-sized enterprises (SMEs).
Learn more in our 2019 Forum Report about #AfricanMigrations .
📷 Mauro Vombe in #Mozambique 🇲🇿 ...
Nigeria has officially joined #AfCFTA . A new day for Africa! ...
A lot of us in Nigeria don’t understand the meaning of #AFCFTA - Better do your research because Africa is about to become one trade community.
This has nothing to do with political party. @muhammadubuhari has done well by joining other African countries to sign this agreement. ...
Unlocking The Potential Of Africa’s Historic Trade Agreement: Amy Jadesimi, MD, LADOL
At the end of May, Africa’s landmark free trade deal came into effect, accompanied by widespread optimism that it could usher in a new era of intra-African trade possibilities and prosperity for the continent’s citizens.
The African Continental Free Trade Agreement (AfCFTA) aims to create a single market for goods and services, facilitate free movement of people and investments, and eventually a single-currency union.
This has the potential to tackle one of the most fundamental problems holding back development and business expansion in African countries: the lack of a cohesive and uniform pan-African approach to trade.
African nations are increasingly empowered by an expanding global marketplace, diversifying economies and rapid improvements to tech infrastructure and mobile penetration. Combine that with a GDP of over $3tn and a growing population of young, ambitious and tech-savvy citizens, the countries which make up Africa’s regional bloc are bubbling with potential.
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