https://en.sputniknews.africa/20250327/afcfta-invaluable-opportunities-for-africas-future-un-report-says-1071309590.html
AfCFTA: 'Invaluable' Opportunities for Africa’s Future, UN Report Says
AfCFTA: 'Invaluable' Opportunities for Africa’s Future, UN Report Says
Sputnik Africa
African Continental Free Trade Area (AfCFTA) aims to enhance trade by eliminating tariffs and reducing non-tariff barriers, paving the way for industrial... 27.03.2025, Sputnik Africa
2025-03-27T16:34+0100
2025-03-27T16:34+0100
2025-03-27T16:34+0100
sub-saharan africa
economy
africa
cameroon
ethiopia
east africa
central africa
zimbabwe
southern africa
namibia
https://cdn1.img.sputniknews.africa/img/07e9/03/1b/1071309722_0:112:1024:688_1920x0_80_0_0_fcb735d534a42f884239f896aabbcfd9.png
AfCFTA is set to unlock unprecedented economic opportunities across the continent, boosting intra-African trade by 45% by 2045, according to recent estimates by the UN Economic Commission for Africa.Industries Poised for GrowthAfCFTA is expected to have the most significant impact on agriculture, manufacturing, and services. The agrifood sector is projected to see a 60% increase in trade, while industrial exports are expected to rise by 48%, with key growth areas including chemicals, plastics, pharmaceuticals, and vehicle manufacturing. The service sector is also set to expand by 34%, with major gains in tourism and transportation.Several African nations are poised to see dramatic increases in industrial exports. Cameroon’s exports to African partners are projected to rise by 141%, Ethiopia’s by 104%, Namibia’s by 66%, and Zimbabwe’s by 59%. This reflects a broader shift towards value-added production, moving away from reliance on raw material exports, the report noted.Addressing Poverty and InequalityWhile AfCFTA is expected to contribute to poverty reduction, the impact will be uneven. The reported suggests that poverty will decrease across urban and rural areas, but disparities will remain. Women, who dominate the informal trade sector, may face challenges in accessing the benefits of formalized trade, necessitating targeted policies to support female entrepreneurs.To maximize the benefits of AfCFTA, African governments must invest in education, industrial development, and financial support for small businesses, particularly for women and rural communities, the UN underscored. With the right policies in place, AfCFTA has the potential to transform Africa into a globally competitive economic powerhouse.
https://en.sputniknews.africa/20250320/afcfta-expected-to-boost-africas-gdp-by-12-by-2045-report-says-1071182632.html
africa
cameroon
ethiopia
east africa
central africa
zimbabwe
southern africa
namibia
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
economy, africa, cameroon, ethiopia, east africa, central africa, zimbabwe, southern africa, namibia, united nations (un), women, poverty, investment, industry, agriculture, food, education
economy, africa, cameroon, ethiopia, east africa, central africa, zimbabwe, southern africa, namibia, united nations (un), women, poverty, investment, industry, agriculture, food, education
AfCFTA: 'Invaluable' Opportunities for Africa’s Future, UN Report Says
Christina Glazkova
Writer / Editor
African Continental Free Trade Area (AfCFTA) aims to enhance trade by eliminating tariffs and reducing non-tariff barriers, paving the way for industrial growth, job creation, and poverty reduction.
AfCFTA is set to unlock unprecedented economic opportunities across the continent, boosting intra-African trade by 45% by 2045, according to
recent estimates by the UN Economic Commission for Africa.
Industries Poised for Growth
AfCFTA is expected to have the most significant impact on agriculture, manufacturing, and services. The agrifood sector is projected to see a 60% increase in trade, while industrial exports are expected to rise by 48%, with key growth areas including chemicals, plastics, pharmaceuticals, and vehicle manufacturing. The service sector is also set to expand by 34%, with major gains in tourism and transportation.
Several African nations are poised to see dramatic increases in industrial exports. Cameroon’s exports to African partners are projected to rise by 141%, Ethiopia’s by 104%, Namibia’s by 66%, and Zimbabwe’s by 59%. This reflects a broader shift towards value-added production, moving away from reliance on raw material exports, the report noted.
Addressing Poverty and Inequality
While AfCFTA is expected to contribute to poverty reduction, the impact will be uneven. The reported suggests that poverty will decrease across urban and rural areas, but disparities will remain. Women, who dominate the informal trade sector, may face challenges in accessing the benefits of formalized trade, necessitating targeted policies to support female entrepreneurs.
To maximize the benefits of AfCFTA, African governments must invest in education, industrial development, and financial support for small businesses, particularly for women and rural communities, the UN underscored. With the right policies in place, AfCFTA has the potential to transform Africa into a globally competitive economic powerhouse.
