The AfCFTA will "help integrate member countries", due to the fact that "facilitated trade" causes "interdependence" among member states, according to Sylvester Kwesi Dadzie, economic and financial analyst, consultant and researcher.
"Through negotiation and implementation of trade agreements, you can have, as it were, countries to incentivize or motivate [them] to work together towards common economic goals," Mr. Dadzie explains.
This further creates a conducive environment for "harmonized trade rules and regulations". To achieve such a scenario, countries would have to "overcome barriers to trade" and "communizing policies" in order to attain "integrated and cohesive economic ties" between member states.
"Then you can have global competitiveness, as they trade among themselves, and the cost of production goes down because of tariff reduction or tariff liberalization. What it means is that they will be able to compete with the Global North and the Global West," the analyst elaborates.
To hear what else the financial expert had to say, check out the entire episode of the AfroVerdict podcast, brought to you by Sputnik Africa.
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