According to a recent survey by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC), over 90% of African CEOs believe the continental free trade agreement, known as AfCFTA, will benefit their companies.
The AfCFTA will have a favourable impact on intra-African trade levels as early as 2022–2023, according to the results of a poll of African CEOs from 46 nations that was published last week. It also emphasised how African companies view their chances in global marketplaces.
93% of those surveyed believed the agreement which unifies Africa into one giant free trade zone will have a good effect, with 26% characterising themselves as extremely confident.
The African Union’s Agenda 2063, a plan for achieving inclusive and sustainable development on the continent over the course of the next 50 years, has as its centrepiece the African Continental Free Trade Area (AfCFTA).
By establishing a thorough and mutually advantageous trade agreement among the member nations which addresses trade in products and services, investment, intellectual property rights, and competition policy, while increasing intra-African commerce.
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