Daniel Halliday
Jul 10 · Last update 2 mo. ago.

Can the African Continental Free Trade Agreement bring prosperity to the continent?

The African Continental Free Trade Agreement is the largest free-trade agreement to be ratified since the formation of the World Trade Organisation in 1995. As the African Continental Free Trade Area comes into operation following the latest African Union summit in July 2019, what will be the effects of this monumental free-trade area? Will this trade agreement be able to bring much needed economic prosperity to the African continent?
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No, the continent lacks the stability
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Yes trade could boost intra-continental trade
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No, the continent lacks the stability

Free-trade agreements can be notoriously difficult, not just to put into place but to continuously implement through changing economic and political climates, and likewise as a form of economic integration free-trade agreements can cause political divisions and objections, as can be seen with Nigeria’s refusal to sign the African Continental Free Trade Agreement. This agreement therefore cannot work until the on-going violence, corruption and social issues in various African states is adequately addressed, as these issues could in turn destabilise economic integration and throw up many difficulties in implementing such agreements. Furthermore these negotiations are being headed by the African Union, an organisation which itself suffers from many issues, such as corruption, and their response to disease epidemics and various conflict, these internal issues could hinder free trade agreements and the actual achieving of an African free-trade area. These issues all need to be addressed to bring both a workable free-trade agreement and prosperity to the continent.

edition.cnn.com/2018/03/22/africa/african-trade-agreement-world/index.html en.rfi.fr/africa/20180616-official-quits-au-anti-corruption-body-over-multiple-irregularities-african-union

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Daniel Halliday
Sep 23
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Yes trade could boost intra-continental trade

The African Continental Free Trade Agreement is likely to boost intra-continental trade allowing African economies to grow in a complementary manner. This could represent the first step toward a more cohesive African economic model that could promote continent wide economic growth and reform as it succeeds and further expands. The benefits clearly outweigh the risks for Africa and if all states signed up for the agreement this could be the biggest free trade zone in the world, and as it stands is expected to increase continental trade by 52.3% by 2020 according to the United Nations’ Economic Commission for Africa.

aljazeera.com/ajimpact/african-union-summit-boosting-trade-raise-standards-living-190706050425778.html

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Daniel Halliday
Jul 10
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