Discover Algeria | Press area | Contact  
English Français
Registration
English Français
business-banner

February 19, 2023 | 2 years ago

  • More options

    Share on LinkedIn
    Share on Twitter

High Stakes of the African Free Trade Area

news-detail

 

The emphasis by African leaders on accelerating the pace of implementation of this continental project suggests that the stakes are as crucial as they are strategic for the future of the African continent.

Indeed, with this approach, African leaders’ overarching ambition is to free as many as 90 million people in Africa from the grievances of poverty, by strengthening trade among the continent’s countries and eliminating barriers.

According to the AU report, the move aims to increase continental domestic product to about $450 billion by 2035.

As such, the African Union (AU) is focused on creating more jobs that will enable the millions of people on the continent to improve their quality of life and achieve sustainable development.

For African leaders, the AFCFTA is also one solution that will need to support economic reforms and political commitments in several countries across the continent.

The AFCFTA will also, it is argued, advance other objectives, such as creating a stable and secure business environment in which investors can make long-term commitments, and strengthening socioeconomic ties among the continent’s countries.

Once implemented, the bloc will present an opportunity for Africa to define new conditions and reap the greatest benefits in its relationship with major economic powers.

Algeria formally ratified the AFCFTA agreement in 2021 and has since fully committed to its activation.

February 19, 2023 | algeria-logo

  • More options

    Share on LinkedIn
    Share on Twitter
Subscribe to the economic newsletter