AFRICA’S FREE-TRADE BLOC COULD SIGNIFICANTLY BOOST UK-AFRICA TRADE AND INVESTMENT FLOWS

February 1, 2021 Ventures Africa 0 Comments

With the African Continental Free Trade Area (AfCFTA) now operational, there are new opportunities for the UK and Africa to strengthen their trade and investment ties.

AfCFTA came into effect on 1 January – a significant milestone in the journey towards creating a single market for goods and services. With a combined GDP of $3.3 trillion and a market of 1.2 billion people, AfCFTA has the potential to increase growth in Africa by $450 billion over the next decade, according to the World Bank’s estimates.

By removing tariffs, reducing trade barriers, and standardizing regulatory frameworks, intra-African trade could rise from 15% currently to 25% by 2040, according to the UN Economic Commission for Africa (UNECA).

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