OPINION:
The African Continental Free Trade Agreement (AfCFTA) is going to be a game changer, agreed by both Florie Liser, the CEO of Corporate Council on Africa (CCA) and Titus Olowokere, the CEO of US-Africa Trade Council (USAfriTC). Why is it a game changer? Because it is now the largest free trade area in the world in terms of the number of participating countries and is creating a market of 1.3 billion people explained Liser. “African products and services will now become more competitive by lowering their prices, theyll reduce the red tape of goods and people, and capital will be moved freely across the continent. This will make trade and investment easier and more profitable, which is a very important for the US and other foreign countries and companies outside of Africa to invest there” she added.
“Africa has a lot of potential that the US is not exploiting fully. Ten of the world’s fastest growing economies will be in Africa in the next ten years. In addition, Africa has a young population and by the end of the century, 40% of the world’s population will be living in Africa. So this creates very huge market opportunities for developed economies such as the US” continued Olowokere.
Both, the Government and the private sector in the US, are very positive about the possibilities and potential of Africa assured Liser, who served as the Assistant U.S. Trade Representative for Africa in USTR. “Everything that we want to accomplish that is critical cannot be done effectively without Africa. Whether it is meeting the Sustainable Development Goals (SDGs), whether it is addressing climate change, whether it is controlling pandemics like COVID19, and preparing to handle future pandemics. If Africa is not a partner then we will not be able to meet those goals” she said.
“We want the world to know that Africa is no longer looking for financial aids and bailouts. We are now partners at the table and we have even more potential going forward and I encourage the developed countries and particularly the United States to invest more in Africa. This will be a win win for both parties. Africa will grow better and faster and the US will take advantage of the huge opportunities that arise in the continent” highlighted Olowokere while Liser concluded “I would like to send our congratulations to Mercury Global Reports and The Washington Times for focusing on Africa and bringing it to light for the American people that investing and trading with a developed Africa is crucial for the US and crucial for the world!”
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