The implementation of the African Continental Free Trade Area (AfCFTA) is advancing much faster than is publicly perceived, even though many of the most critical reforms are taking place behind the scenes, according to George Elombi, Afreximbank President.
Responding to questions from journalists at a media roundtable in Abuja on Wednesday, Elombi rejected the view that Africa’s flagship trade pact has failed to meet expectations since trading under the agreement began, arguing that much of the work required to make the free trade area operational is largely invisible to the public.
The AfCFTA, which officially commenced trading in 2021, seeks to create a single African market by reducing tariffs and other barriers to trade among participating countries. While supporters say it has the potential to significantly boost intra-African commerce and industrialisation, implementation has been slowed by the need to harmonise regulations, improve infrastructure and address other non-tariff barriers.
“Free trade area is going faster on the invisible. Maybe on the visible, it’s slow. It is going extremely fast,” Elombi said.
He said the implementation of the agreement extends far beyond the movement of goods across borders, involving years of technical work to harmonise standards, negotiate protocols and establish the institutions needed to support cross-border trade.
