Effective AfCFTA Implementation Will Boost Africa’s Economy

Effective AfCFTA Implementation Will Boost Africa’s Economy

• Business
• February 23, 2023

Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro, has urged African nations to accelerate implementation of the African Continental Free Trade Area (AfCFTA) in order to become more resilient and globally competitive.

Launched in 2019 to establish a unified market of 1.3 billion people and a GDP of around US$ 3.4 trillion, the AfCFTA is poised to become the world’s largest free trade area with 55 member states.

ECA is also partnering with stakeholders to support the Trans-boundary agro-industry park and special economic zone involving Zambia and Zimbabwe, which could address food security concerns and tap into Africa’s food import market valued at about US$90 billion per year.

Reference: Behak (Feburary 17)