(3 minutes read)
· A new trade intelligence tool, which can explore and compare trade opportunities across Africa has been released ahead of the trading under the new African Continental Free Trade Area (AfCATA)
· The African Trade Observatory will empower the economic operators during this COVID-19 pandemic and will put an entire continent of trade intelligence at the fingertips of African entrepreneurs, particularly small local firms, women and young people
· Trading under the continent-wide area will begin on 1 January 2021, which presupposes lowering of trade barriers to promote regional economic integration
A new trade intelligence tool, which can explore and compare trade opportunities across Africa has been released ahead of the trading under the new African Continental Free Trade Area (AfCATA).
The new mechanism -African Trade Observatory- was a joint effort of the African Union (AU), the European Union (EU) Commission and the International Trade Centre (ITC). It was launched at an AU summit on 5 December 2020.
Trading under the continent-wide area will begin on 1 January 2021, which presupposes lowering of trade barriers to promote regional economic integration.
European Union Commissioner for International Partnerships Jutta Uripilainen said that economic Integration was close to the heart of the European Union and it would continue to support the African Union towards its endeavor of the African Common Market.
The African Trade Observatory will empower the economic operators during this COVID-19 pandemic and will put an entire continent of trade intelligence at the fingertips of African entrepreneurs, particularly small local firms, women and young people.
The web platform, currently available in French and English, was released during the 13th Extraordinary Session of the Assembly of Heads of State and Government on the AfCATA. The Arabic and Portuguese versions will be released later. Apart from these two platforms, policymakers and Regional Economic Communities will have access to a third Monitor module, which will provide a range of real-time indicators on trade flows, utilization of AfCTA tariff preferences, tax revenues, clearance time and trade simulations, thereby facilitating the evaluation of the implementation process and impact of the AfCTA.
