Regional trade agreements and economic integration in Africa: assessing the impact of the African Continental Free Trade Area (AFCFTA)
1 Olin Business School, Washington University in Saint Louis, USA.
2 University of Louisville KY, USA.
3 Paul University Awka, Anambra State, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 2783–2801
Publication history:
Received on 17 August 2024; revised on 24 September 2024; accepted on 26 September 2024
Abstract:
This article examines the impact of Regional Trade Agreements (RTAs) on economic integration in Africa, focusing on the African Continental Free Trade Area (AfCFTA). As the largest free trade area globally, AfCFTA aims to create a unified market for goods and services across 55 African Union member states, fostering economic growth, reducing trade barriers, and enhancing intra-African trade. This article assesses the potential economic benefits of AfCFTA, including increased market access, industrialization, and job creation. It also considers the challenges of implementation, such as infrastructure deficits, varying levels of economic development, and non-tariff barriers. Through case studies of key African economies, including South Africa, Nigeria, and Kenya, the article explores how AfCFTA is reshaping trade dynamics and regional cooperation. Furthermore, it evaluates the role of AfCFTA in addressing Africa’s dependence on external markets and enhancing global competitiveness. The article concludes by providing recommendations for policy reforms, capacity building, and regional cooperation needed to maximize the benefits of AfCFTA. By analyzing both opportunities and challenges, this article offers insights into how AfCFTA can drive deeper economic integration and sustainable development across the African continent.
Keywords:
AFCFTA; Economic Integration; Regional Trade Agreements; Intra-African Trade; Industrialization; African Development
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0