Africa’s largest global trading partner is China; however the vulnerability of global supply chains has intensified with onslaught of the U.S-China trade tensions.
In the wake of the COVID-19 pandemic, the African Continental Free Trade Agreement (AfCFTA) was postponed by six months but should the African Union and have gone on to operationalize the trade deal? Edem Adzogenu, Co-Founder of the Afrochampions Initiative joins CNBC Africa for more.
One of the expected outcomes of the African Continental Free Trade Agreement is to integrate African economies and therefore create a regional economic bloc of about $3.4 trillion. Moono Mupotola, Director for Regional Integration at the African Development Bank joins CNBC Africa’s Kenneth Igbomor to discuss how Africa can integrate its markets to take full advantage of the AfCFTA in post-COVID-19.
The operationalization of the African Continental Free Trade Area has been moved to December of this year by Africa’s heads of states due to COVID-19 pandemic.
The World Bank says the COVID-19 pandemic has disrupted trade and triggered up to $79 billion in output losses in Africa alone this year. But the bank stressed that the African Continental Free Trade Agreement has the potential to boost Africa’s income by $450 billion by 2035. Winston Osuchukwu, co-Founder of Trans-Sahara Incorporated joins CNBC Africa for more.
he vast market created by AfCFTA will provide an immediate boon to nascent plans being guided by the African CDC, NEPAD and others to produce various critical healthcare items such as pharmaceutical compounds, PPE and ventilators in countries such as Nigeria, South Africa and Kenya.
The African Free Continental Free Trade Area agreement was scheduled to be operationalized on the 1st of July but due to the COVID-19 pandemic, various heads of state have agreed to a new date for what will become the continent’s biggest trade deal, CNBC Africa to Albert Muchanga, AU Commissioner for Trade and Industry on the way forward for the AfCFTA deal.
The African Continental Free Trade Area promises to be of the biggest economic stimuli for trade on the African continent. But like many projects, it has been hampered by the Covid-19 pandemic. The deal, which aims to boost intra-Africa trade, was launched over a year ago. Commerce was due to start this month; however, it will be implemented in January due to delays. Wamkele Mene, Secretary-General of the African Continental Free Trade Area spoke to CNBC Africa for more....