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Our latest thought leadership article delves into the African Continental Free Trade Area Agreement (AfCFTA) and its goal of seamless trade, travel and transport and a single African passport for all African Union member nations. The objective is to phase out tariffs on 90% of goods within ten years and create a continent-wide single market for goods and services with free movement of business, people and investments. Another important goal of the AfCFTA is to create jobs, particularly for women.
The COVID-19 pandemic and vaccine roll-outs have highlighted the importance of the logistics industry in Africa, as well as the opportunities this industry presents in terms of connectivity, distribution and supply chain efficiencies in key industries. The growing consumer base and increased access to the consumer in Africa are particularly appealing to both multinational and local organisations.
However, logistics presents a major challenge, including the cost of moving products into and out of Africa being exorbitant in comparison to other continents, and getting those products to consumers in Africa remains complex. As one of the largest logistics players on the continent, and with logistics being integral to facilitating trade, Imperial believes that the AfCFTA will play an important role from a logistics and transport perspective as countries start embedding trade links.
Click here to read Imperial’s article of the AfCFTA, the challenges and opportunities we envision, and the impact we believe the agreement will have on trade in and across Africa in the years to come.