AfCFTA

Percentage of Afrobarometer survey respondents who agree/agree very strongly with the following statements: 1: It is important that as an independent nation, we finance development from our own resources, even if it means paying more taxes. Or 2: We should use external loans for the development of the country, even if it increases our indebtedness to foreign countries and institutions.

The pandemic is reshaping how citizens and nations understand their position in a changing world. A shrinking global economy and growing support for nationalism has heightened pressure on governments over the past year to reallocate resources locally and bring supply chains closer to home.

For Africa, these moving parts present development opportunities as well as challenges, underscored by the recent launch of the African Continental Free Trade Area (AfCFTA). Bringing together 54 countries and more than 1 billion people, the AfCFTA will be the world’s largest free-trade area, with a combined gross domestic product of between $2.2 and $3.4 trillion. Proponents believe the boost in intra-Africa trade could help lift 30 million Africans out of extreme poverty by 2035 and foster interdependence, greater inclusion and peace.…  Seguir leyendo »

The global struggle against the coronavirus pandemic has prompted some governments to close their borders and retreat from multilateralism, and instead implement protectionist policies and trade restrictions. African countries are taking a different approach. To combat the spread of infection while minimizing social and economic disruptions, Africa is promoting multilateralism through cooperation and coordination among its countries.

The analysis in “African Development, African Transformation” presents evidence of the emergence of collaborative institutions and initiatives in Africa and their capacity to influence development outcomes and international cooperation. Studying continental programs such as the African Union Development Agency (AUDA-NEPAD), which is complemented by the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM), reveals how certain core factors help explain multilateralism’s rise in Africa.…  Seguir leyendo »

En 2018, 44 países firmaron el Tratado de Libre Comercio Africano en una cumbre extraordinaria en Kigali. Hoy hay 54 signatarios. El acuerdo creará un entorno económico libre de aranceles para impulsar el crecimiento de los negocios, fomentar el comercio intracontinental, hacer crecer la industrialización y crear empleos. Para mitigar las consecuencias económicas del COVID-19, los países que integran la Unión Africana (UA) y las instituciones del continente deberían implementar el tratado AfCFTA prontamente.

El AfCFTA prepara el camino para que África –con 1.200 millones de personas y un PIB acumulado de 2,5 billones de dólares- se convierta en el mercado común más grande del mundo.…  Seguir leyendo »

Delegates arrive at the closing ceremony of the African Union summit in Niger in July. Photo: Getty Images.

The entry into force of the African Continental Free Trade Area (AfCFTA) on 30 May, after only three years of negotiations, is an economic, political and diplomatic milestone for the African Union (AU) and its member states, crucial for economic growth, job creation, and making Africa a meaningful player in international trade. But the continent will have to work together to ensure that the potential benefits are fully realized.

A necessary innovation

With its advances in maintaining peace and security, abundant natural resources, high growth rates, improved linkages to global supply chains and a youthful population, Africa is emerging as a new global centre of economic growth, increasingly sought after as a partner by the world’s biggest economies.…  Seguir leyendo »

A comienzos de este mes, Gambia se convirtió en el vigésimo segundo país en ratificar el acuerdo que establece el Área Continental Africana de Libre Comercio (AfCFTA por su sigla en inglés). Se espera que el acuerdo entre en vigencia pronto, una vez que los 22 países hayan depositado sus documentos de ratificación ante la Unión Africana (lo han hecho 19 hasta el momento).

Al eliminar las barreras comerciales y permitir el libre movimiento de bienes, servicios y personas en toda África, el AfCFTA podría ayudar a aumentar el consumo y el gasto empresarial combinados en el continente a 6,7 billones de dólares en 2030.…  Seguir leyendo »