AFRICA IN GLOBAL TRADE: AFRICAN CONTINENTAL FREE TRADE AREA (AFCFTA) TO THE RESCUE?
Mukhtar Ahmed Keffi, Dauda Andrew Pallam and Mamman Mathew Christian
Volume 10 Issue 1
Abstract
While the AU argues that AfCFTA will boost intra African economic integration through increased trade and investment, the extent to which African states would reap the benefits of the free trade area remains unclear. This paper examined Africa in global trade: African Continental Free Trade Area (AfCFTA) to the rescue. The study, which is qualitative in its approach, argues that the number of states accepting regional economic integration initiative such as the AfCFTA is one of the major features of globalisation whose benefits have not been distributed equally. While the initiative symbolises continental unity as envisioned in the Abuja Treaty, its ambitious timelines pose integration hurdles. African regional integration seeks to counter colonial legacies, but challenges like underdevelopment, primary commodity dependence, protectionism, weak infrastructure, and security risks hinder progress. COVID-19 further complicates matters, diverting attention from AfCFTA to pandemic control. Though countries signed, economic implications warrant cautious consideration pre- and post-ratification. The study concludes that while most African countries may have signed the agreement, the implications on national economies would be considered by many before and even after ratification. The study recommends that the African Union should protect the vital interests of member states by commissioning in-depth studies and to carry out further enlightenments on the AfCFTA. This will go a long way in transforming Africa’s trade potentials to benefits for the growth and development of member states. Keyword: Global, Trade, Africa, Continental, Rescue
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