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African Union Signed African Continental Free Trade Agreement
Escrito por: Redacción 8 abril 2021 2 minutos
Basically, AfCFTA will put African economies – and African citizens – on a better economic footing. The agreement will improve competitiveness and promote investment, innovation and economic growth by improving efficiency and removing trade barriers. In fact, it will eliminate tariffs on 90% of goods and gradually apply the same to services, at a time when other parts of the world are reconsidering trade agreements and economic integration. In particular, the abolition of tariffs on goods is expected to increase the value of intra-African trade by 15-25% by 2040. That would be between $50 billion and $70 billion. In 2018, Washington launched Prosper Africa to coordinate U.S. government resources and expand trade opportunities in Africa, with the goal of doubling two-way trade between the country and the continent. It is not yet known how and how quickly this project, which in principle seems great, will be implemented. Meanwhile, the official U.S. response to AfCFTA was ambivalent at best.