With other continents becoming more economically integrated, Africa remains behind. According to a recent blog post by the International Growth Centre, more investment and industrialization are needed to build more opportunities for trade and development.
“Africa’s quest for a single market dates back to the establishment of the Organisation of African Union (OAU) in 1963. The OAU, which brought together Africa’s newly independent nations, had at its heart intra-Africa economic integration. In fact, it aimed to emulate Europe by creating an African Economic Community, encompassing a single market and a customs union. In 1980, the OAU adopted the Lagos Plan of Action for Economic Development of Africa through the formation of an African common market. Subsequently in 1991, African heads of state signed the Abuja Treaty establishing the African Economic Community (AEC), with an ambitious six-stage roadmap to full economic integration, including the establishment of a customs union, a single market and an economic and monetary union.”
What is the African Continental Free Trade Area (AfCFTA) and how can it help the continent? IGC delves into some introspection and answers.
Click here to read more: https://www.theigc.org/blog/afcfta-africa-is-moving-too-slowly-towards-economic-integration/
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