Driven by the AfCFTA, a powerful tool for inclusion and economic integration, intra-African trade is expected to increase by 45% by 2045, said the United Nations Deputy Secretary-General and Executive Secretary of UNECA.
UNECA Executive Secretary Claver Gatete stated that by 2045, intra-African trade should grow by 45% and boost Africa’s GDP by 1.2%.
The African free trade area will also significantly stimulate the expansion of sectors such as agribusiness (60%), industry (48%), services (34%), and energy and mining (28%).
The African free trade area is also a powerful tool for inclusion and economic integration that leaves no country behind, he affirmed.
“We know that historically, landlocked developing countries (LLDCs) have been disadvantaged by high trade costs and limited access to global markets,” he said.
Today, thanks to the AfCFTA, the 16 landlocked developing African countries have a unique opportunity to overcome these geographical disadvantages and boost their economic growth, Gatete added.
As a result, to fully realize the potential of the AfCFTA, he proposed four strategic actions. These include strengthening partnerships and investment platforms, enhancing regional value chains and special economic zones, mobilizing domestic resources for industrialization, reducing illicit financial flows, and improving infrastructure and digital connectivity.
He emphasized that “we must recognize that the AfCFTA is Africa’s response to a global economic system that has long kept us on the periphery. But its success requires bold action, strong political will, and sustained commitment.”
Gatete also stressed the need to integrate AfCFTA priorities into national development plans, allocate budgets that reflect AfCFTA commitments, and harmonize policies that enable businesses to thrive.
Driven by the AfCFTA, a powerful tool for inclusion and economic integration, intra-African trade is expected to increase by 45% by 2045, said the United Nations Deputy Secretary-General and Executive Secretary of UNECA.
UNECA Executive Secretary Claver Gatete stated that by 2045, intra-African trade should grow by 45% and boost Africa’s GDP by 1.2%.
The African free trade area will also significantly stimulate the expansion of sectors such as agribusiness (60%), industry (48%), services (34%), and energy and mining (28%).
The African free trade area is also a powerful tool for inclusion and economic integration that leaves no country behind, he affirmed.
“We know that historically, landlocked developing countries (LLDCs) have been disadvantaged by high trade costs and limited access to global markets,” he said.
Today, thanks to the AfCFTA, the 16 landlocked developing African countries have a unique opportunity to overcome these geographical disadvantages and boost their economic growth, Gatete added.
As a result, to fully realize the potential of the AfCFTA, he proposed four strategic actions. These include strengthening partnerships and investment platforms, enhancing regional value chains and special economic zones, mobilizing domestic resources for industrialization, reducing illicit financial flows, and improving infrastructure and digital connectivity.
He emphasized that “we must recognize that the AfCFTA is Africa’s response to a global economic system that has long kept us on the periphery. But its success requires bold action, strong political will, and sustained commitment.”
Gatete also stressed the need to integrate AfCFTA priorities into national development plans, allocate budgets that reflect AfCFTA commitments, and harmonize policies that enable businesses to thrive.
UNECA remains ready to support member states with the necessary data, capacity building, and technical expertise to turn this vision into reality, he reiterated.
remains ready to support member states with the necessary data, capacity building, and technical expertise to turn this vision into reality, he reiterated.
Source : ENA
