M a r k e t N e w s

Industries In East Africa To Benefit From Continental Free Trade

Posted on : Monday, 9th March 2020

The AfCFTA, which is the biggest trading bloc in the world after the WTO, is conceived to bring together Africa's 55 countries into a single market of 1.3 billion people with an annual economic output of over $3.4 trillion.


That will drive industrialisation, the UN Economic Commission for Africa (UNECA).


Officials must ensure that businesses can move goods freely across borders and customs rules and procedures are consistent.


The 14 countries in the greater Eastern African region have some of the world's fastest growing economies, like for example Ethiopia.


Frank Matsaert, the head of Trade Mark East Africa, an organisation that promotes free trade in the region and co-produced the report with UNECA, said "What will have a big impact is making sure our borders operate seamlessly."


Betty Maina, Kenya's minister for trade and industrialisation, said Nairobi was encouraging manufacturers like food processors to invest in their plants.


The greater East Africa region could gain two million new jobs if the African Continental Free Trade Area (AfCFTA), which is due to start in July - works as planned, according to a study released by the United Nations.

Source : newzmart.com
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