Amid global economic uncertainty and looming trade wars, the African Continental Free Trade Agreement is essential to Africa’s resilience. What impact has it had on businesses? And how will it shape Africa’s relationships with the rest of the world?
African Business is pleased to invite you to our Spotlight on African Trade Virtual Event on “Assessing the Impact of the AfCFTA”, where we we will explore the findings from the 2024 PAFTRAC Africa CEO Trade Survey, discuss the AfCFTA’s impact on the private sector, and look to what the future of trade looks like for the continent.
Date: Thursday, 14 November 2024
Time: 13.45 Dakar | 14.45 Abuja | 15.45 Cairo/Johannesburg | 16.00 Nairobi
A Strategic Framework for Economic Resilience and Growth in Africa Amid Global Uncertainty
The African continent has long been susceptible to external economic shocks, a vulnerability rooted in several interconnected factors. Chief among these is the lack of economic diversification. Many African economies rely heavily on a narrow range of commodities for export, making them particularly sensitive to global market fluctuations.
The AfCFTA is more than just a trade agreement; it represents a strategic framework for economic transformation. By establishing the largest free trade area in the world, AfCFTA will significantly boost intra-African trade, which currently lags at a mere 15% compared to 60% in Asia and 70% in Europe. This increase in regional trade will in turn diversify economies by fostering the growth of manufacturing and service sectors.
“To ensure the success of the AfCFTA, the private sector’s voice must be heard in the negotiations and future arrangements.”
– Prof Patrick Utomi, Chairperson of PAFTRAC
