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- The United Nations Conference on Trade and Development (UNCTAD) has revealed that Africa’s current untapped export potential amounts to US$21.9 billion
- This works out 43 per cent of intra-African exports.
- UNCTAD, in its latest report on ‘Economic Development in Africa’ said an additional US$9.2 billion of export potential could be realized through partial tariff liberalization as envisaged under the African Continental Free Trade Area (AfCFTA), in the next five years.
To realize the potential, various intra-African non-tariff barriers including non-tariff measures should be resorted to
The United Nations Conference on Trade and Development (UNCTAD) has revealed that Africa’s current untapped export potential amounts to US$21.9 billion. This works out 43 per cent of intra-African exports.
UNCTAD, in its latest report on ‘Economic Development in Africa’ said an additional US$9.2 billion of export potential could be realized through partial tariff liberalization as envisaged under the African Continental Free Trade Area (AfCFTA), in the next five years.
To realize the potential, various intra-African non-tariff barriers including non-tariff measures should be resorted to. Also, infrastructure and market information gaps should be plugged, leveraging the market integration steps under the AfCFTA.
The multilateral body also stressed the long-term cooperation in investment and competition policies to overcome the market dominance by a few actors and to reduce structural and regulatory barriers to market entry.
AfCFTA, UNCTAD report said, could reduce COVID-19 induced growth contraction, poverty and inequality trends and can pilot a sustainable and inclusive growth. There is the need to target women, young traders and small businesses to lead the growth process.
