African Continental Free Trade Area entered in force on January 1, 2021
#freetrade #africa #ACFTA #international #geopolitics
On January 1, 2021, the African Continental Free Trade Area officially entered into force, involving 54 African nations (excluding Eritrea) and 1.2 billion people.
The decision to establish an internal free trade area was taken at the extraordinary summit of the African Union on 21 March 2018 in Kigali (Rwanda). The treaty was then signed in Niamey, the capital of Niger, in July 2019.
The agreement provides for the progressive harmonization of customs and tariff regimes, as well as the abolition of duties on 97% of goods by 2030, to which the current eight regional economic blocs in Africa will have to be compliant: EAC (East African Community), ECOWAS (Economic Community of West African States), CEN-SAD (Community of the Sahel-Saharan States), AMU (Arab Maghreb Union), ECCAS (Economic Community of Central African States), IGAD (Inter-Governmental Authority on Development), COMESA ( Common Market of Eastern and Southern Africa) and SADC (Southern African Development Community).
According to a report published by the World Bank, the AFCTA will increase internal trade between African countries, leading to a 7% growth in African global income by 2035, with an estimated increase of 450 billion dollars. An expansion of production in Africa of 212 billion dollars is also expected (147 billion in services, 56 billion in manufacturing and 17 billion in raw materials). The Agreement will also have positive repercussions for the rest of the world, contributing 76 billion dollars to the benefit of world GDP.
The African Continental Free Trade Area will be crucial for a post-pandemic economic recovery from Covid-19, which led to a loss of 79 billion dollars in Africa in 2020.
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Il 1° gennaio 2021 è entrato ufficialmente in vigore l’African Continental Free Trade Area che coinvolge 54 nazioni africane (ad esclusione dell’Eritrea) e 1,2 miliardi di persone.
La decisione di istituire un’area interna di libero scambio era stata presa al vertice straordinario dell’Unione Africana del 21 marzo 2018 a Kigali (Ruanda). Il trattato era poi stato siglato a Niamey, capitale del Niger, nel luglio 2019.
L’accordo prevede la progressiva armonizzazione dei regimi doganali e tariffari, nonché l’abolizione dei dazi sul 97% delle merci entro il 2030 a cui si dovranno adeguare gli attuali otto blocchi economici regionali in Africa: EAC (East African Community), ECOWAS (Economic Community of West African States), CEN-SAD (Community of the Sahel-Saharan States), AMU (Arab Maghreb Union), ECCAS (Economic Community of Central African States), IGAD (Inter-Governmental Authority on Development), COMESA (Common Market of Eastern and Southern Africa) e SADC (Southern African Development Community).
Secondo un rapporto pubblicato dalla Banca Mondiale, l’AfCTA aumeterà il commercio interno tra i Paesi africani, portando ad una crescita del reddito globale africano del 7% entro il 2035, con un aumento stimato di 450 miliardi di dollari. È attesa anche una espansione della produzione in Africa per 212 miliardi di dollari (147 miliardi in servizi, 56 miliardi nella manifattura e 17 miliardi nelle materie prime). L’Accordo avrà ricadute positive anche per il resto del mondo, contribuendo con 76 miliardi di dollari a beneficio del PIL mondiale.
L’African Continental Free Trade Area sarà cruciale per una ripresa economica post pandemica da Covid-19, che ha portato nel 2020 all’Africa una perdita di 79 miliardi di dollari.