Opportunity beckons as AfCTFA’s go-live date approaches
The African Continental Free Trade Area’s kicks into motion on July 1, 2020 and Europe stands to benefit much if it invests in its former colony
AU member states took a major step in 2018 to boost regional trade and economic integration by establishing the African Continental Free Trade Area (AfCFTA). The agreement, which came into effect on May 30 2019, could be a game-changer for Africa and multinational groups wanting to do business with a consumer market of 1.2-billion people and total GDP of $2.5-trillion.
AfCFTA present a rare opportunity to diversify Africa’s exports and for European companies to capitalise on the new business and growth opportunities it will create. It is the most significant step yet seen towards expanding intra-Africa trade across regional economic communities, enhancing competitiveness between African economies and making Africa a more attractive location for global financial institutions, asset managers and private equity investment...