AfCFTA will increase Africa’s income by USD 450bln by 2035: EAC

Addis Ababa, July 10, 2023 (FBC) – The African Union Commission (AUC), in collaboration with the East African Community (EAC) Secretariat, is hosting the 14th AU High Level Private Sector Forum in Nairobi, Kenya.

The three-day forum is underway themed “Public – Private Sector Engagement for Inclusive Growth and Sustainable Development while Deepening Regional and Continental Trade and Investment towards Implementation of AfCFTA”.

The Forum is aimed at leveraging on the AfCFTA to promote regional value chains and increasing productive capacity, enhancing the role of women and youth in regional and continental development and leveraging trends in digital transformation to enhance trade.

EAC’s industrialization policy is presented on the forum as one of the agenda being discussed on the forum. It is stated on the forum that EAC Industrialization Policy aims to increase manufacturing sector’s contribution to GDP to 25% by 2032 compared to 8.9% currently and region’s local value-added content of resource-based exports currently at only 8.6% and to 40%.

Peter Mutuku Mathuki, Secretary General of East African Community, noted: “Implementation of African Continental Free Trade Area (AfCFTA) will lead to an increase in Africa’s income by USD 450bln by 2035, we therefore need to carry out a mass awareness campaign on trade opportunities, operationalize instruments and finalize negotiations on Rules of Origin (RoO)”.