The African Continental Free Trade Area (AfCFTA) agreement will create the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.
The World Bank report, The African Continental Free Trade Area: Economic and Distributional Effects, is designed to guide policymakers in implementing policies that can maximize the agreement’s potential gains while minimizing risks. Creating a continent-wide market will require a determined effort to reduce all trade costs. Governments will also need to design policies to increase the readiness of their workforces to take advantage of new opportunities.
At this morning seminar, Israel Osorio-Rodarte, Economist, Trade and Regional Integration Unit, World Bank and one of the authors, introduced the report’s main findings.
8am-9am Friday, October 16, 2020 (Japan Standard Time)
Presentation material: The African Continental Free Trade Area: Economic and Distributional Effects (PDF)