Africa’s total exports will reach $952 billion by 2035, Standard Chartered said in a new report that forecast that the continent’s new free trade area has the potential to increase this figure even further. The bank's nearly $1 trillion projection for the region's exports growth would be achieved by an annual expansion rate of 3% from now until 2035, it said in its Future of Trade: Africa report released on Wednesday. "The disruptions to Africa’s supply chains over the last few years have amplified the urgency to implement the AfCFTA," Sunil Kaushal, Regional CEO, Standard Chartered Africa Middle East, said. African countries began officially trading under the new free trade area at the start of 2021, though the bloc's full implementation will likely take years. Some of the reports highlights include that Africa’s trade corridors with some of the world’s most dynamic regions will grow faster than the global average of 4.3%.

Source: The North Africa Journal October 16, 2023 04:58 UTC