Intra-Africa exports are expected to exceed $1 trillion by 2035 following the adoption of the African Continental Free Trade Agreement, according to a survey provided by Standard Chartered Bank Group.
According to Vanguard, the global banking organization stated in a report titled “Future of Trade 2023” that the AfCFTA has become essential for promoting intra-African trade and hastening the region’s sustainable economic development.
The CEO of Standard Chartered’s Africa and Middle East division, Sunil Kaushal, explained the role of the AfCFTA in the continent’s economy in the report by saying: “The global pandemic demonstrated the acute need for Africa to build a robust economic and social model that can withstand substantial external shocks without derailing the significant progress that has been made in over three decades.
“During the pandemic, foreign exchange reserves were depleted, vaccines were hard to come by in many African markets, important supply chains and industries were disrupted, and raising capital became very expensive and difficult. AfCFTA contributes to the solution.”
He noted that after it is fully implemented, the AfCFTA will permit and stimulate intra-African trade and accelerate sustainable economic development. “It has already been ratified by the majority of African states,” he said.
