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Intra-Africa exports surge

by Staff reporter
13 Jun 2024 at 05:26hrs | Views
At the 31st Afreximbank Annual Meetings in Nassau, The Bahamas, Kwazulu-Natal premier Nomusa Dube-Ncube highlighted Africa's growing intracontinental commerce, which now constitutes 16.3% of total trade. This figure, while relatively modest compared to other regions, signifies significant untapped potential within Africa's borders.

Dube-Ncube emphasized Africa's transformation from past challenges of conflict and colonial legacies to present achievements in democracy, open economies, and political stability. However, she noted persistent challenges: Africa's share of global GDP is only 4%, with manufacturing output at 2%, and world trade at 3%, underscoring room for growth.

The premier cited the African Continental Free Trade Area Agreement (AfCFTA) as pivotal, aiming to unify over one billion consumers and a GDP exceeding US$3 trillion. She expressed optimism that AfCFTA will enhance economic diversification, productivity, growth, investment, job creation, income levels, and economic inclusivity across the continent.

The theme of the meetings, "Owning Our Destiny: Economic Prosperity on the Platform of Global Africa," reflects Africa's determination to overcome barriers and fully integrate into the global economy.

Source - newsday
More on: #Trade, #Surge, #AfCFTA