The African Continental Free Trade Area Potential Economic Impact And Challenges
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The African Continental Free Trade Area Potential Economic Impact And Challenges
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Author : Mr.Lisandro Abrego
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-13
The African Continental Free Trade Area Potential Economic Impact And Challenges written by Mr.Lisandro Abrego and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-13 with Business & Economics categories.
Political momentum towards Africa-wide free trade has been intensifying. In March 2018, over 40 countries signed the African Continental Free Trade Area (AfCFTA) agreement. Once fully implemented, the AfCFTA is expected to cover all 55 African countries, with a combined GDP of about US$2.2 trillion. This SDN takes stock of recent trade developments in Sub-Saharan Africa and assesses the potential benefits and costs of the AfCFTA, as well as challenges to its successful implementation. In addition to increased trade flows both in existing and new products, the AfCFTA has the potential to generate substantial economic benefits for African countries. These benefits include higher income arising from increased efficiency and productivity from improved resource allocation, higher cross-border investment flows, and technology transfers. Besides lowering import tariffs, to ensure these benefits, African countries will need reduce other trade barriers by making more efficient their customs procedures, reducing their wide infrastructure gaps, and improving their business climates. At the same time, policy measures should be taken to mitigate the differential impact of trade liberalization on certain groups as resources are reallocated in the economy and activities migrate to locations with comparatively lower costs.
Inclusive Trade In Africa
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Author : David Luke
language : en
Publisher: Routledge
Release Date : 2019-04-01
Inclusive Trade In Africa written by David Luke and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-01 with Political Science categories.
Providing the first book-length analysis of the African Continental Free Trade Area (AfCFTA), this volume asks how can it be ensured that the AfCFTA is effectively implemented to deliver inclusive trade in Africa. The African Continental Free Trade Area (AfCFTA) will cover an African market of 1.2 billion people and GDP of over $2.5 trillion, across all 55 member States of the African Union. Yet, trade policy increasingly appreciates that free trade is not enough; trade must also be inclusive to deliver developmental benefits. With contributions from leading trade policy authors across Africa and beyond, this book offers insights into the development and implementation of the AfCFTA and serves as a reference for stakeholders interested in trade in Africa more broadly. The contributors assess what important lessons can be drawn from the experiences of regional integration in and beyond Africa, including from success stories like ASEAN as well as from failures like the Free Trade Agreement of the Americas. An important new work for researchers and policymakers focusing on African trade and economic policy, and trade policy more generally.
Assessing Regional Integration In Africa V
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Author : United Nations Economic Commission for Africa
language : en
Publisher: United Nations
Release Date : 2012-08-28
Assessing Regional Integration In Africa V written by United Nations Economic Commission for Africa and has been published by United Nations this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-28 with Political Science categories.
This publication comes at a time of renewed enthusiasm for shortening the period of the vision of the Abuja Treaty. The publication's overall objective is to provide analytical research that defines frameworks for African governments, the African Union and the Regional Economic Communities, towards accelerating the establishment of the African Common Market through: the speedy removal of all tariff and non-tariff barriers, obstacles to free movement of people, investments and factors of production in general across Africa, and through fast-tracking the creation of an African continental Free Trade Area.
The Effect Of Economic Integration On Local And Regional Development
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Author : Owen Adams
language : en
Publisher: GRIN Verlag
Release Date : 2023-06-21
The Effect Of Economic Integration On Local And Regional Development written by Owen Adams and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-21 with Business & Economics categories.
Essay from the year 2023 in the subject Economics - Industrial Economics, grade: A, , language: English, abstract: This paper examines the effect of economic integration on local and regional development in Africa. It explores the potential benefits, challenges, and opportunities that come with economic integration among African countries. The study acknowledges the importance of economic integration in accelerating growth and development on the continent, and highlights the need for effective national economic frameworks and policies to support regional integration efforts. Economic integration is seen as a blueprint for African countries to reap the benefits of globalization and integration into the global economy. The paper reviews the concept of economic integration, the stages of integration, and the benefits it brings, such as expanded markets, increased efficiency, and economies of scale. However, it also acknowledges the challenges facing economic integration in Africa, including poor governance, low political commitment, and weak institutional frameworks. The paper analyzes the progress of the East African Community (EAC) as an example of regional economic integration and highlights the positive impacts it has had on market access, trade negotiation capacity, transport and communication infrastructure, and the free movement of people and goods. The study concludes that economic integration has the potential to transform the African economic landscape, but the challenges need to be addressed, including addressing corruption, strengthening institutional frameworks, and harmonizing policies. The paper recommends the ratification of the African Continental Free Trade Area (AfCFTA) as a means to accelerate greater integration among African nations and remove barriers to trade and development.
The African Continental Free Trade Agreement Welfare Gains Estimates From A General Equilibrium Model
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Author : Mr.Lisandro Abrego
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-07
The African Continental Free Trade Agreement Welfare Gains Estimates From A General Equilibrium Model written by Mr.Lisandro Abrego and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-07 with Business & Economics categories.
In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization in goods and services and is expected to eventually cover all African countries. Using a multi-country, multi-sector general equilibrium model based on Costinot and Rodriguez-Clare (2014), we estimate the welfare effects of the AfCFTA for 45 countries in Africa. Three different model specifications—comprising both perfect competition and monopolistic competition—are used. Simulations include full elimination of import tariffs and partial but substantial reduction in non-tariff barriers (NTBs). Results reveal significant potential welfare gains from trade liberalization in Africa. As intra-regional import tariffs in the continent are already low, the bulk of these gains come from lowering NTBs. Overall gains for the continent are broadly similar under the three model specifications used, with considerable variation of potential welfare gains across countries in all model structures.
Making The African Continental Free Trade Agreement A Success
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Author : Albert G. Zeufack
language : en
Publisher: Taylor & Francis
Release Date : 2024-04-05
Making The African Continental Free Trade Agreement A Success written by Albert G. Zeufack and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-05 with Business & Economics categories.
In 2019, African heads of state and governments launched in fanfare the African Continental Free Trade Agreement (AfCFTA), a historic agreement for economic transformation across the continent. But now comes the hard bit: how to make the agreement a success? In this book, senior experts from across the world come together to provide a comprehensive analysis of the conditions needed for AfCFTA to successfully spur economic development in Africa. It puts forward three foundations for success: demography dividend, digital economy, and economic diversification. In addition to trade policy, the book recommends that African policymakers should strengthen fiscal and monetary policy coordination, adopt and implement the appropriate regulatory environment, and build suitable connectivity infrastructure. The stakes are high. If implemented correctly, the book argues that AfCFTA could speed up trade within Africa, which could double every five years. Success would mean growth, investment, changing trade patterns, jobs, economic transformation, poverty reduction, and a continental market for services. Driven by concrete, evidence-based strategies for long-term growth, this book is an essential read for policy makers, development practitioners, economics researchers, and everyone with an interest in the future of Africa.
The African Continental Free Trade Area
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2020-09-28
The African Continental Free Trade Area written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-28 with Political Science categories.
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 will connect 1.3 billion people across 55 countries with a combined GDP valued at $3.4 trillion. It has the potential to lift 30 million people out of extreme poverty by 2035. But achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures. The scope of the agreement is considerable. It will reduce tariffs among member countries and cover policy areas, such as trade facilitation and services, as well as regulatory measures, such as sanitary standards and technical barriers to trade. It will complement existing subregional economic communities and trade agreements by offering a continent-wide regulatory framework and by regulating policy areas—such as investment and intellectual property rights protection—that have not been covered in most subregional agreements. The African Continental Free Trade Area: Economic and Distributional Effects quantifies the long-term implications of the agreement for growth, trade, poverty reduction, and employment. Its analysis goes beyond that in previous studies that have largely focused on tariff and nontariff barriers in goods—by including the effects of services and trade facilitation measures, as well as the distributional impacts on poverty, employment, and wages of female and male workers. It is designed to guide policy makers as they develop and implement the extensive range of reforms needed to realize the substantial rewards that the agreement offers. The analysis shows that full implementation of AfCFTA could boost income by 7 percent, or nearly $450 billion, in 2014 prices and market exchange rates. The agreement would also significantly expand African trade—particularly intraregional trade in manufacturing. In addition, it would increase employment opportunities and wages for unskilled workers and help close the wage gap between men and women.
Economic Development In Africa Report 2021
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Author : UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT.
language : en
Publisher:
Release Date : 2022-01-07
Economic Development In Africa Report 2021 written by UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-07 with categories.
The African Continental Free Trade Area is expected to be a game changer for development ambitions in Africa.
Africa Eu Relations And The African Continental Free Trade Area
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Author : Samuel Ojo Oloruntoba
language : en
Publisher: Taylor & Francis
Release Date : 2023-08-10
Africa Eu Relations And The African Continental Free Trade Area written by Samuel Ojo Oloruntoba and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-10 with Political Science categories.
This book explores relations between states in the Africa–European Union in view of the African Continental Free Trade Area, both at a regional level and as a series of informal processes of socioeconomic and political interactions between state and non-state actors. The book reconsiders the ways in which actors in the Africa–European Union relationship function, and what that means for regionalism, regionalisation and regional integration. In addition to formalised state-to-state and inter-regional interactions, the book examines the impact of socio-economic and political interactions with non-state actors, including those who engage with regional integration through formal and informal processes such as civil society activists, “African migration evangelists”, human smugglers and human traffickers. The book thus demonstrates that regional and inter-regional engagements include issues that extend beyond the usual discussions of trade. The book is authored from an African perspective and will be of interest to academics who specialise in International Relations, Political Economy, Political Sociology and African Studies. Policy makers and various actors in civil society and think tanks who have an academic inclination and deal with trade, migration and regionalism in Africa and Africa’s relations with Europe will also find the book beneficial.
Unlocking Africa S Business Potential
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Author : Landry Signe
language : en
Publisher: Brookings Institution Press
Release Date : 2020-04-07
Unlocking Africa S Business Potential written by Landry Signe and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-07 with Business & Economics categories.
Africa welcomes business investment and offers some of the world's highest returns and impacts Africa has tremendous economic potential and offers rewarding opportunities for global businesses looking for new markets and long-term investments with favorable returns. Africa has been one of the world's fastest-growing regions over the past decade, and by 2030 will be home to nearly 1.7 billion people and an estimated $6.7 trillion worth of consumer and business spending. Increased political stability in recent years and improving regional integration are making market access easier, and business expansion will generate jobs for women and youth, who represent the vast majority of the population. Current economic growth and poverty-alleviation efforts mean that more than 43 percent of the continent's people will reach middle- or upper-class status by 2030. Unlocking Africa's Business Potential examines business opportunities in the eight sectors with the highest potential returns on private investment—the same sectors that will foster economic growth and diversification, job creation, and improved general welfare. These sectors include: consumer markets, agriculture and agriprocessing, information and communication technology, manufacturing, oil and gas, tourism, banking, and infrastructure and construction. The book's analysis of these sectors is based on case studies that identify specific opportunities for investment and growth, along with long-term market projections to inform decision-making. The book identifies potential risks to business and offers mitigation strategies. It also provides policymakers with solutions to attract new business investments, including how to remove barriers to business and accelerate development of the private sector.