The AfCFTA presents a huge opportunity for Africa, wits its ready market of over 1.4 billion people surpassing that of the European Union and Asia, the report states. The size of the AfCFTA market has surpassed the EU single market, US-Mexico-Canada Agreement (USMCA) and Southern Common Market (MERCOSUR) combined, the report says. The report projects that Africa’s share of the world population will grow from 18% to 38% between 2023 and 2100. It also notes that while the EU’s share of Africa’s export market has dropped by a quarter since 2000, China’s share has increased five-fold. Asia now represents almost 42% of Africa’s exports and over 45% of its imports, above Europe in both cases.

Source: The North Africa Journal May 08, 2023 10:15 UTC