In an interview published on CEO Magazine, the Global Director for Trade, Investment and Competitiveness of the World Bank talks about the objectives and the possible gains that Africa could achieve through the implementation of the African Continental Free Trade Area (AfCFTA). According to the World Bank report “Making the Most of the African Continental Free Trade Area”, this agreement has the potential to double intra-African trade by 2035, lifting 50 million people out of extreme poverty, with income gains totaling US$571 billion. However, the report also warns that for this scenario to materialize, the AfCFTA needs to go beyond trade liberalization. Elimination of tariffs and NTBs, as well as implementation of trade facilitation measures are daunting, yet important tasks – especially in the light of the fact that African countries tend to over-rely on protectionist policies to support domestic industries - but is a recipe that is not sufficient for success.
