Here is the statement taken from a 2020 World Bank report on AfCFTA that holds the reason and purpose for the new collective vision the insurance sector in Africa needs to have. It says:
“The African Continental Free Trade Area (AfCFTA) agreement will create the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.” Very instructive, one would say. Also, according to the Trade Law Centre, “The AfCFTA is different from a traditional free trade area (FTA), which only deals with trade in goods. The AfCFTA covers trade in goods and trade in services (negotiated in phase I) as well as investment, intellectual property rights (IPRs), and competition policy (to be negotiated in phase II).” Read More.