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INTERNATIONAL

The AfCFTA entered into force on May 30, “Given the large and growing youth
2019, and trade began officially under the
agreement on 1 January 2021. At present (as population, the continent could reap
of July 2023), 54 African member states have major benefits as a demographic
signed it, of which 47 have ratified it.
dividend if it is properly harnessed.”
The AfCFTA could be a game changer for
Africa. The continent has one of the youngest
and fastest-growing consumer markets in the
world. Africa’s young population is projected
to reach 2.5 billion by 2050, which would
represent a quarter of the world’s population.
Steady population growth and urbanization will
continue to be two of its defining megatrends
and will continue to have lasting effects on the
continent’s future. Given the large and growing
youth population, the continent could reap place now under the AfCFTA. While there are
major benefits as a demographic dividend if of course still bottlenecks to overcome, the
it is properly harnessed. African cities are also continent is making notable and important
expanding rapidly, and urbanization is often progress in implementing the agreement.
cited as a driver of development, manufacturing Important details on trade like the tariff
growth and a transition from the informal to schedules and rules-of-origin negotiations
the formal sector. have been thorough. The recent conclusion
of negotiations of Rules of Origin on
Unlocking Africa’s export and trade potential Automotive and Textiles and Clothing Sectors
under the AfCFTA will help bridge the is a tremendous milestone. The continent has
widening income gap between the rich and also made good progress on what is called
poor households in Africa and help change phase two implementation of the AfCFTA,
the trajectories of close to 500 million Africans which looked at broader issues of Investment,
who currently live below poverty line ($1.9 Competition Policy, and Intellectual Property
per day). The potential benefits of the AfCFTA Rights which are essential to deepening
for inclusive growth in Africa, including economic integration in Africa. Ongoing
economic diversification, technological negotiations of the Protocols on Digital Trade
change, greater resilience against external and Women and Youth in Trade are expected
shocks, and increased involvement of women, to finish by July 2023.
youth and locally owned SMEs, will pave the
way for increased productive capacities and At the national level, countries are making good
sustainability. Reaping the potential benefits of progress on their national implementation of
the AfCFTA for inclusive growth will require the AfCFTA. So far, 29 National Strategies
stronger political commitment and reinforced have been validated and five AfCFTA National
cooperation that go beyond facilitating intra- Implementation Committees, including in
regional trade (for example, by removing tariffs Côte d’Ivoire, Ghana, Kenya, Nigeria, and
and addressing other barriers to trade – non- Rwanda are operational. At the regional
tariff measures (NTMs) and natural barriers) level, progress is being made by the Regional
and strengthen national, regional and global Economic Communities. For example,
solidarity for enhanced regional productive ECOWAS and IGAD have both validated
capacities and networks, and increased access their regional AfCFTA regional strategies.
to markets, technologies and financing.
The African Union announced the theme
Three years after the publication of the report, of the Year 2023 as the “Year of AfCFTA:
how is the situation? Acceleration of the African Continental
It is crucial to say that trade is actually taking Free Trade Area Implementation”. I think

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