Africa is Open for Business: AfCFTA
All 55 member states of the African Union will be brought together by AfCFTA which allows for market covering of over 1.2 billion people not limiting the growing middle class, and a collective gross domestic product of over US$3.4 trillion. This also makes AfCFTA the world’s biggest free trade area after the establishment of World Trade organisation. Economic Commission for Africa (UNECA) also recommends that the AfCFTA has the ability to enhance intra-African trade by 52.3 percent by removing import duties, and also to double this trade if non-tariff barriers are also reduced.
AfCFTA seeks to create and achieve unilateral continental market for goods and services, with free movement of investments and business personnel. This will also enhance a healthy competition at the industry and enterprise level via utilization of opportunities for scale production, better reallocation of resources and continental market access. It is also very beautiful to note that for a change, the empowerment of women, young Africans and also other deprived sectors of the community will be among the focus of AfCFTA as Wamkele Mene assured African’s in his press statement that;
” I therefore intend to take concrete steps to ensure that women and young Africans are at the heart of implementation of the AfCFTA. The AfCFTA must create opportunities for women in trade; amongst others, by lowering the gender wage gap. Young Africans are at the cutting edge of technological innovation for digital trade and e-commerce. “