African Nations Urged to Expedite AfCFTA Implementation for Economic Integration

By News Ghana 

June 30, 2024

A call to action has been sounded for African countries to accelerate the African Continental Free Trade Area (AfCFTA) implementation, with experts emphasizing the need for robust national strategies and action plans.

The directive came during the “National Consultation Forum on the Development of Ethiopia’s AfCFTA Implementation Strategy” held in Addis Ababa. Stephen Karingi, Director of the Regional Integration and Trade Division at the United Nations Economic Commission for Africa (UNECA), underscored the potential of AfCFTA to drive industrialization, job creation, and investment across Africa.

Karingi highlighted that while 36 African countries and three regional economic communities have already developed and launched their AfCFTA implementation strategies, 19 countries are yet to deliver theirs. He urged swift action to meet ambitious targets, including achieving tariff linearization for 97 percent of trade across the continent.

Despite progress, Karingi acknowledged challenges such as infrastructure deficits and inadequate transportation networks that continue to hinder the full realization of AfCFTA’s benefits.

Beyene Petros, Director General of the Ethiopian Policy Studies Institute, noted significant strides since AfCFTA’s inception in 2019, with 47 African Union member states having ratified the agreement. Quoting the World Bank, Petros highlighted AfCFTA’s potential as the world’s largest free trade area, encompassing 55 countries with a combined GDP of 3.4 trillion U.S. dollars and connecting 1.3 billion people.

He urged African nations to overcome historical reluctance towards economic integration and seize the opportunity to establish a unified market for African goods and services. The World Bank projects that AfCFTA could lift 30 million people out of extreme poverty by 2035, generate real income growth of approximately 450 billion U.S. dollars, and boost intra-African exports by 81 percent.

The forum concluded with a resounding call for collective efforts to expedite the implementation of AfCFTA, paving the way for enhanced economic integration and prosperity across the continent.