February 17, 2023
In order to reap the benefits of the African Continental Free Trade Area, non-tariff barriers and hurdles affecting cross-border goods crossings must be addressed, according to the World Bank Group.
In a new report titled “Can African trade integration be a game changer?”, the Washington-based bank noted that the AfCFTA, which hopes to connect 54 countries with a combined population of 1.3 billion and GDP of $3.4tn, has several challenges to overcome.
It noted that African businesses should also see the opportunities, as its research suggests that the agreement has the potential to bring significant economic and social benefits in the form of faster economic growth, higher incomes, and less poverty.
The World Bank also stated that in addition to ministries of trade involved in the negotiations, other government agencies in each country should also become familiar with AfCFTA and learn the key role they may be called to play in its implementation on the ground.