18 February 2024
Addis Ababa, Ethiopia – The African Continental Free Trade Area (AfCFTA) is making significant strides towards its ambitious goals, according to Secretary-General Wamkel Mene. Mene outlined the progress of the initiative during a press briefing, highlighting its efforts to remove trade barriers, attract investment, and create jobs across the continent.
Some of the key developments include the AfCFTA Secretariat has secured $7 billion in funding through partnerships with various organizations, practical measures aren’t underway to streamline trade procedures and encourage intra-African commerce, the institution prioritizes youth and women, with 52% of its staff being female and initiatives focused on job creation in these demographics, a roadmap approved last year aims to strengthen trade relations by enhancing inter-continental infrastructure, the AfCFTA emphasizes exporting finished goods rather than raw materials, and the Secretariat projects a 7% increase in Africa’s income by 2035 ($450 billion) and aims to lift 30 million people out of extreme poverty.
The AfCFTA represents a landmark initiative for African economic integration.
By dismantling trade barriers and fostering collaboration, the initiative aims to create a unified market of 1.3 billion people, unlocking immense economic potential and propelling Africa towards a more prosperous future.
