African Continental Free Trade Area: the key role of the DRC in the economic future of Africa
The conference on land governance which took place in Addis Ababa highlighted the major role that the Democratic Republic of Congo (DRC) will play in the African Continental Free Trade Area. With its vast area and enormous resources, the DRC has much to offer the African continent to maximize the benefits of this economic enterprise.
The panelists present at the conference underlined that the establishment of this African continental free trade zone could generate nearly 200 billion dollars by 2045. These promising figures are largely explained by the potential of cross-border trade. , which will require the creation of a single market within the trading zone.
For this success to be possible, it is essential to harmonize policies, regulations and standards related to migration, as well as to optimize the use of arable land of which Africa has 60% globally. global.
Currently, trade in Africa is still relatively low compared to other continents. Intra-African exports represent only 6-17%, while this figure reaches 59% in Asia, according to the World Bank. It is therefore necessary to improve transport infrastructure, such as roads, ports and airports, to promote cross-border connectivity and boost regional trade.
The African Continental Free Trade Area promises significant results for African countries. It could enable 30 million people to escape extreme poverty and 68 million others to increase their income, which currently stands at less than $5.50 a day.
Around $300 billion in potential gains would come from trade facilitation measures, aimed at removing bureaucratic obstacles and simplifying customs procedures. Implementation of the AfCFTA will require fundamental reforms to boost long-term economic growth on the African continent.
In conclusion, the DRC has a key role to play in Africa’s economic future as a member of the African Continental Free Trade Area. With its abundant resources and land area, it can contribute significantly to the creation of a single market and regional economic growth. It is essential to put in place the necessary policies and infrastructure to facilitate cross-border trade and maximize the benefits of this ambitious economic enterprise.