BREAKING NEWS

    $450 Billion could be Enhanced by the African Continental Free Trade Agreement in a way to Improve Africa’s Revenue World Bank Finds

    Posted On 31 Jul 2020
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    Comments: 34

    By Abdul Rahman Bangura–

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    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The African Continental Free Trade Area (AfCFTA) has bent on If executed exclusively, the trade agreement could benefit regional income by seven percent or $450 billion, speed up wage upswing for women, and lift thirty million people out of severe poverty by 2035. The AfCFTA is a leading alternative for regions to improve, decrease poverty and stretch financial inclusion, World Bank, finds.

    According to the announcement by World Bank, it infers that attaining these, may cause up to $79 billion in output losses in Africa in 2020. The Novel Coronavirus (COVID-19) pandemic has already provoked critical disturbances to trade across the continent, comprising in critical goods, such as medical supplies and food. Specifically, biggest of the AfCFTA’s dividend profits are plausible to accomplish from criteria that cut red tape and streamline customs processes. Tariff liberalization chaperoned by a deduction in non-tariff barriers—such as quotas and rules of origin—would boost income by 2.4%, or about $153 billion.

    Yet, the remainder-$292 billion would come from trade facilitation scales that decrease red tape, lower compliance costs for businesses committed in trade, and make it easier for African businesses to integrate into global supply chains, the report stated. Prosperous undertaking of AfCFTA would assist to soften the adverse consequences of COVID-19 on monetary development by funding regional trade and value chains through the rebate of trade costs. In future, AfCFTA would give a path for integration and growth-enhancing reforms for African nations. And by renovating the patchwork of regional agreements, streamlining border procedures, and prioritizing trade reforms, AfCFTA could boost African regions and increase their resiliency in the countenance of prospective financial awe.

    “The African Continental Free Trade Area has the potential to increase employment opportunities and incomes, helping to expand opportunities for all Africans,” noted Albert Zeufack – the World Bank’s Chief Economist for Africa.

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    “The AfCFTA is expected to lift around 68 million people out of moderate poverty and make African countries more competitive. But its successful implementation will be key, including careful monitoring of impacts on all workers –women and men, skilled and unskilled—across all countries and sectors, ensuring the agreement’s full benefit.”

    According to the report, the consensus would reshape markets and economies across the region, leading to the creation of new industries and the expansion of key sectors. Across-the-board, monetary progress would differ, with the broadest profits going to nations that presently have high trade costs. Côte d’Ivoire and Zimbabwe—where trade costs are among the region’s tallest, would catch a glimpse of the biggest gains, with each boosting revenue by 14%.

    Similarly, AfCFTA would considerably improve African trade, incredibly intraregional trade in manufacturing. Intra-continental exports would heighten by 81%, while the growth to non-African regions would be 19%. Undertaking of the consensus would further prompt huger wage gains for women (an increase of 10.5% by 2035) than for men (9.9 percent). It would also boost wages for skilled and unskilled workers alike—10.3% for unskilled workers, and 9.8% for skilled workers.

    Building a continent wide the market, will employ a committed endeavor to curtail all trade costs. This will propose statute to facilitate goods, capital and communication to seep willingly and effortlessly across borders. Governments that do so, will be eligible to entice foreign enterprise and enhance contest that can improve productivity and invention by household firms. I’m addendum, countries will also desire to equip their manpower to grab advantage of new recourses with new strategies modeled to lessen the costs of job-switching.

     

     

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    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia, Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    1. Abanoub July 31, 2020 at 4:21 am Reply

      African Continental Free Trade Area is going to be the beginning of prosperity for our People and the Continent. Great reporting. Cairo, Egypt. Abanoub

    2. Abuya July 31, 2020 at 4:27 am Reply

      Thank you for signing us to the newsletter. We love the paper. Abuya in Nairobi, Kenya

    3. Keubo July 31, 2020 at 4:32 am Reply

      Of course this great free trade deal with our people and countries will lift many millions out of poverty. Kampala Kenya. Keubo

    4. Boipelo July 31, 2020 at 4:37 am Reply

      Is that time to start trading within us. If we need things that we don’t have then we can order else where. Love your online newspaper. Gaborone! Boipelo

    5. Lubanzi July 31, 2020 at 4:47 am Reply

      Why did it took this long to trade within the Continent. I mean within our countries and people. We all know African Continental Free Trade, will take many out of poverty. Good report and thank you. Pretoria South Africa. Lubanzi

    6. Siyabonga July 31, 2020 at 4:56 am Reply

      AfCFTA would considerably improve our trade incredibly. Time for our people to take this great opportunities. Please China leave us alone and our Northern neighbors. We like to do equal business right with you, but stay home. Siyabonga in Johannesburg, SOUTH AFRICA

    7. Beverly July 31, 2020 at 5:00 am Reply

      Please China stay home. We don’t want your people migrating to Africa. We African’s like you to stay home. Beverly in Lusaka Zambia

    8. Geogina July 31, 2020 at 5:05 am Reply

      Beverly in totally agreed. Chinese should stay in China. Africa is for Africans. Right! Nairobi Kenya. Geogina

    9. Layla July 31, 2020 at 5:10 am Reply

      Totally agreed. Let them Stay in China. We know what they want. Layla in Lusaka Zambia

    10. Kobena July 31, 2020 at 5:15 am Reply

      Free trade is good for all our people. Trade is always good. Sky is going to be the limit. Accra Ghana. Kobena

    11. Antoinette July 31, 2020 at 5:20 am Reply

      Great newspaper. Following your online newspaper on Facebook. Love it. Antoinette in Paris France!

    12. Libreville July 31, 2020 at 5:25 am Reply

      To this report, out of many promising reports. Right! Intra-continental exports would heighten by 81%, while the growth to non-African regions would be 19%. Beautiful. Thank you for reporting. Libreville Gabon. Blanche

    13. Devon July 31, 2020 at 5:29 am Reply

      Thank you for signing me to new Africa business news, newsletter. Kingston in Jamaica. Devon

    14. Perucy July 31, 2020 at 5:37 am Reply

      I think we should have one immigration policy and unify immigration policy, for the whole Continent. Africa is for Africans. I mean anyone that has African origin. Come back home. And none Africans can stay in their respective home countries. This free trade is very promising. Thank you for reporting. Fan of this online newspaper. Perucy in Dodoma, Tanzania

    15. Vivianne July 31, 2020 at 5:45 am Reply

      Beautiful reporting. I enjoy reading your reports regularly. Thank very much. Vivianne in Dar es Salam, Tanzania

    16. Gianna July 31, 2020 at 5:52 am Reply

      Free trade within our Continent is the solution. Thank God we are going to trade within ourselves. May God continue blessing Great Africa. Kigali Rwanda. Gianna

    17. Abibatu Bangura Freetown, Sierra Leone. August 7, 2020 at 4:55 pm Reply

      Good job Journalist Abdul Rahman Bangura. This is time for Africa to rise up again and forever. I love your online newspaper, it gives us updated facts about the happenings in and around the African continent. The New Africa Business News is my choice among others. Thank you NABN and team.

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