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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

6 reasons why Africa's new free trade area is a global game changer

Wednesday, February 10, 2021 > 10:58:48
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World Economic Forum



To overcome many current challenges, and to build back better in the wake of COVID-19, now is the time for more trade and greater cooperation. If fully implemented, what would this exciting new agreement bring to Africa and to the world?



1. The AfCFTA will significantly reduce poverty



According to a recent report by the World Bank, the pact will boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035. Wages for both skilled and unskilled workers will also be boosted by 10.3% for unskilled workers, and 9.8% for skilled workers.



The AfCFTA highlights the significant and increasing commitment of the African Union to reducing poverty through trade – a link that is increasingly recognized. As Ngozi Okonjo-Iweala, candidate for the WTO Director General, recently stated: “Trade is a force for good, and properly harnessed can help lift millions out of poverty and bring shared prosperity.”



Read more here 


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