Africa’s policymakers need to ensure that the momentum behind the African Continental Free-trade Area (AfCFTA) is not lost following the trading bloc’s launch in January. This initiative could act as the much-needed stimulus for the continent’s economies in the wake of the COVID-19 crisis.
Signed in Rwanda in early 2018, the AfCFTA is aimed at promoting the free movement of businesspeople, goods and investments across Africa – a market of 1.2-billion people. The intention is to remove cross-border tariffs on 90% of goods by 2030, alongside the dismantling of non-tariff barriers such as policy inconsistencies, inadequate transport infrastructure, cumbersome paper-based trade processes, and border and customs inefficiencies. Read More.