REGION REPORT | AFRICA
OUT OF AFRICA
Africa has no shortage of natural resources and minerals and with AfCFTA it has become the largest free trade area in the world, but the threat of political uprisings means it is
far from stable. Jenny Eagle investigates
1. Currently, Africa accounts for just 2% of global trade (source: UNCTAD) and only 17% of African exports are intra-continental, compared with 59% for Asia and 68% for Europe. The pact creates the largest free trade area in the world measured by the number of countries participating. Connecting 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at $3.4 trillion, according to WeForum. The agreement aims to reduce all trade costs and enable Africa to integrate further into global supply chains – it will eliminate 90% of tariffs, focus on outstanding non- tariff barriers, and create a single market with free movement of goods and services. Cutting red tape and simplifying customs procedures will in turn bring significant income gains. Beyond trade, the pact addresses the movement of persons and labour, competition, investment and intellectual property. According to a report by the World Bank, the pact will boost regional income by 7% or $450bn, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035. Wages for both skilled
T
he biggest news to come out of Africa this year was the African Continental Free Trade Area (AfCFTA) launched on January
R Final assembly and testing of the 35m-span Condra double-girder electric overhead travelling crane for the platinum concentrator. This very wide-span crane is fitted with the company’s patented storm brake to counter excessive wind forces.
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