A free trade agreement for African countries is being lauded as a boost for African business. The African Continental Free Trade Agreement (AfCFTA) agreement will formalise trade between 54 African countries and help trade in the continent, according to this City Press report. It added that AfCFTA would unite Africa’s 1.3 billion people who will have more agency and independence.
The free trade of goods, services and capital that AfCFTA will bring will certainly be a boon for Africa. According to the United Nations Economic Commission for Africa estimates (reported here in Aljazeera.com), it will increase trade by 52% by 2022 if all countries were party to the agreement.
Benefits for businesses and consumers will include enhanced regional and continental integration and improved industrialisation. But Africa also has to be ready to capitalise on the opportunities created by the Fourth Industrial Revolution with skills development.
How do you think a trade agreement will affect business in Africa? Let us know in the comments.