African Economies

On March 9 2018, the African Union Ministers of Trade approved the Declaration establishing the Agreement establishing African Continental Free Trade Area Agreement (AfCFTA); a move that marked the creation of the largest Free Trade Area in the World. The Agreement seeks to create a single market for goods, services and movement of persons and investment among African countries thereby fostering intra-African trade, facilitating structural transformation of African economies and promoting sustainable and inclusive socio-economic development across the African continent. Whether this would turn out to be a significant positive development within the continent may largely depend on whether the broader issue is addressed- The continuous inclination of African States to explore the forest rather than tend the garden.

The necessity to change the measurement strategy of the AGOA and ACP-EU trade agreements presents a challenge not only to African countries but also to the US and the European Union to establish a common understanding on the need to widen the scope of the measure. All the partners involved require a comprehensive measurement strategy to quantify the real impact of AGOA and ACP-EU on people’s lives.