The World Bank: The "AFCTVA" free trade zone adds $ 450 billion to Africa's economies

The World Bank: The "AFCTVA" free trade zone adds $ 450 billion to Africa's economies


A World Bank report indicated that Africa's "Free Trade Zone" could lift nearly 30 million people on the continent out of poverty by 2030.
According to the "German", the bank wrote in its report published yesterday, that it is possible for this region, which will become the largest trade area in the world in the future, to increase the income of the African continent by 450 billion dollars.
The report stated that the AFCTVA region will also increase exports within Africa by 81 percent, and the World Bank considered that African countries that are currently experiencing high trade costs, such as Ivory Coast and Zimbabwe, will be the most beneficiaries of the free trade area.
Trade within Africa is currently facing difficulties represented in high tariffs on imports and bureaucratic obstacles, and this situation is expected to change soon.
It is noteworthy that, with the accession of all African countries to the FTA, AFFTAA will become a market with 1.2 billion people, thus becoming the largest free trade area in the world.
It is noteworthy that nearly all the countries of the brown continent signed the agreement, and that there are 30 countries that have already ratified it, and the entry into force of the agreement due to the Corona crisis was postponed to the beginning of January instead of the beginning of July.
"The planned area is of particular importance in light of the Corona crisis, because the pandemic will be devastating for Africa," the bank said.
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Accounting WIKI

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