AGRICULTURE: How Africa’s new Free Trade Area will turbocharge the continent’s agriculture industry – WEF
How Africa’s new Free Trade Area will turbocharge the continent’s agriculture industry – WEF
Syndicated By: GEO´ PRWire Team – Gibraltar
15th March 2023
- Agriculture makes up 35% of Africa’s GDP and employs about half of its people, but the continent still imports billions of dollars of agri-product every year.
- Under the African Continental Free Trade Area (AfCFTA) agreement, Africa’s need to import so much will be reduced, and domestic processing capacity boosted massively.
- The benefits of the AfCFTA are outlined in a new report by the World Economic Forum: AfCFTA: A New Era for Global Business and Investment in Africa.
Agriculture accounts for roughly one-third of the African continent’s GDP, provides a livelihood for 50% of the population and feeds hundreds of millions of people on the continent and beyond every day.
The key role that agriculture plays in the continent’s economy is only set to grow in strength and size under the African Continental Free Trade Area (AfCFTA) agreement, struck in February 2021 and now in full swing.
A new era for African agriculture
According to the World Economic Forum’s Insight Report on the deal — AfCFTA: A New Era for Global Business and Investment in Africa — the free trade area, one of the world’s largest by number of people and economic size, is projected to host 1.7 billion people and oversee $6.7 trillion in consumer and business spending by 2030. Learn More /…
About the World Economic Forum (WEF)
The World Economic Forum is the International Organisation for Public-Private Cooperation.
The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests. The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. Moral and intellectual integrity is at the heart of everything it does. Learn More /…
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