The African Continental Free Trade Area (AfCFTA) and Its Role in Global Trade
Abstract
The African Continental Free Trade Area (AfCFTA) is a landmark initiative aimed at boosting intra-African trade and positioning Africa as a formidable force in global trade. This advocacy paper explores the implications of AfCFTA for global trade, analyzing the benefits, challenges, and strategic pathways for enhancing Africa's economic integration and competitiveness. With insights from economic theories and empirical studies, the paper underscores AfCFTA’s potential to reshape Africa’s trade landscape and its interactions with global markets. The study concluded that despite the challenges of AfCFTA, its successful implementation could unlock significant economic opportunities, attract foreign investments, and boost Africa’s industrialization. Amongst others, the study recommended that African governments must prioritize investments in roads, railways, ports, and energy to enhance trade efficiency. Also, they should streamline trade policies, customs regulations, and tariff structures across member states is essential for seamless trade.
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References
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