Dear Afropreneurs, take note of this: The African Continental Free Trade Area (AfCFTA), a free trade area that is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organization is set to be operational as of this summer in July 2020.
The agreement initially requires members to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the continent. The United Nations Economic Commission for Africa estimates that the agreement will boost intra-African trade by 52 percent by 2022.
The objectives are as followed:
- Create a single market, deepening the economic integration of the continent
- Establish a liberalised market through multiple rounds of negotiations
- Aid the movement of capital and people
- Facilitating investment move towards the establishment of a future continental customs union
- Achieve sustainable and inclusive socio-economic development, gender equality and structural transformations within member states
- Enhance competitiveness of member states within Africa and in the global market
- Encourage industrial development through diversification and regional value chain development, agricultural development and food security
- Resolve challenges of multiple and overlapping memberships.
Here at Making Africa we champion Afro-descent people to intra-trade in our shop section - (Dear reader if you would like to have your products or services showcased on our website, please get in touch here). Trading with each other should be taught to us in primary school instead of learning in all these local and international institutions to depend on Western, Asian and other foreign nations while encouraging the beggar mentality.
So will you be in? As people of Africans descent we are called to be part of the solution and contribute either through our purchase power or entrepreneurship skills to ensure the wealth we generate remains in our hands throughout generations and that we build sustainable communities.
Please find below additional readings to further your understanding of this huge opportunity presented us, it is also interesting to note how foreign nations are rushing to take advantage of the unified African market, they used to tell us that Africa is poor, remember?
AfCFTA website (African Continental Free Trade Area ): https://www.africancfta.org/
Join our Afro-descent group economics online event on Friday 21 February 2020
We are organising an online networking event on Friday 21 February from 08:00 pm CAT (Central African Time) for all of us Afropreneurs to get up to speed with the African Continental Free Trade Area, they will be a presentation of the trading framework and there will be opportunities for everyone to pitch their products and services and mingle online to find like minded people for the next chapter of your endeavours! We are inviting you to join us in order to also identify immediate synergies that you can start monetising from.
To register (10 EUR per session) follow this link: Invitation to Afro-descent group economics
Looking forward to meeting you all!
With love, from the Motherland,