life facebook World largest Trading bloc and not a single word from MSM in Africa

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As global trade falls off a cliff to levels last seen during the recession, stoking fears about the potential re-run of a period most investors would probably rather forget, a free-trade savior has emerged in an often overlooked corner of the world: Africa .

The African Union has began work on a monumental free trade deal to unite all 55 African countries within a single market .

In early July, an operational phase of the African Continental Free Trade Area in Africa AfCFTA was launched, what will purportedly become the largest free-trade zone by population that the world has ever seen. It could boost trade in Africa by as much as 50%.



If successful, it would unite over one billion people, create a multi-trillion economic bloc, and start a new age of development in the continent.

The largest since the creation of the World Trade Organization in 1994, the African Continental Free Trade Area is expected to unlock Africa's economic potential through boosting intra-regional trade, among other measures. Currently, the continent's intra-regional trade account for less than 20 percent of exports.

The agreement is also to promote the free flow of commodities, services, capital and people by lowering tariffs and trade barriers.

A positive step in itself, the AfCFTA is faced with obstacles like poor roads and railway lines, violence-hit areas, strict border controls and widespread corruption.

Africa already has a number of competing and overlapping trade zones: ECOWAS in the west, EAC in the east, SADC in the south and COMESA in the east and south, to name a few. Yet, these zones have almost failed to live up to their expectations for African nations as a whole.For the full transcript go to https://financearmageddon.blogspot.com
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life facebook World largest Trading bloc and not a single word from MSM in Africa
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