... significantly. Most of the South countries would experience rise in export to other South countries”. One of the possible guides in this respect may be the progression of the AfCFTA project – according to the estimates
of the World Bank
, “by 2035 the AfCFTA is set to lift 30 million Africans out of extreme poverty and 68 million from moderate poverty”.
A more recent study
by the World Bank finds that “under deep integration, Africa’s exports to the rest of the world could rise by 32% by 2035, while intra-African exports could ...
... in the ambitious pursuit of Africa’s heart. Both parties continue to pursue their own rigorous cooperation strategies with the continent – Russia is preparing to open its very first industrial zone in Egypt, and the EU has guaranteed its seat at African Continental Free Trade Agreement (AfCFTA) negotiations, allocating more than 50 Million Euros and even more generous consultative assistance to the involved African parties. Apart from that, just recently the European Union published its updated strategy with Africa ahead of the 6th EU-Africa ...
... terrorist threat. West Africa, unfortunately, is no exception, with the likes of Burkina Faso and Niger affected by extremist activity. I see this as another phase of Africa’s fight for its own existence.
Nonetheless, it is globally acknowledged that Africa is a very rich continent. However, we need to become more than just a source of raw materials by developing the manufacturing sector. Initiatives such as the AfCFTA are being further developed and need time to come into effect and create tangible results.
There is a lot of debate today on the continent about the dark side of foreign aid and the extraction of resources by Western countries or companies. The ...
...
Brookings Institution
, African nations easing trade barriers regionally would allow for third parties to enter the African market via one country. He added that this would be made possible by successful negotiations and the proper implementation of the African Continental Free Trade Agreement (AfCFTA).
The Agreement entered into force on May 30, 2019 after its 22nd ratification, signaling the start of a long and tedious negotiation process that will largely determine the nature and exact conditions of the agreement. Schedules of tariff concessions ...
