The African Continental Free Trade Area (AfCFTA) is foreseen to be a game-changer for the development of Africa. Even though the world is facing many challenges, Africa is still striving hard to reap the benefits of Africa's Integrated Trade. Continental free trade can indeed cause significant positive changes in the economy, promote inclusive growth, and provide many other opportunities. Keep on reading to know more about the benefits that can be availed through Integrated Trade of Africa.
- Reduce Poverty
As per the reports of the World Bank, the pact of the African Continental Free Trade Area can increase the income by 7%, which means it can speed up the wage growth of women and the young population. Along with that, it can lift around 30 million people from extreme poverty by 2035.
- Create Millions Of Jobs
Africa's Integrated Trade will create significant opportunities for both men and women. However, Wages for skilled and unskilled workers will also be increased by 9.8% for skilled workers and 10.3% for unskilled workers. It is one of the primary steps towards the inclusive growth of Africa's economy and to reduce poverty. The craze of African print casual tops, dresses, and accessories is enormous in the global market. Through trading across the world can increase more opportunities for local African sellers.
- Gender Equality
Another benefit that can be reaped from African Continental Free Trade Area is women stand in gain. AfCFTA brings protection to informal women traders to operate through formal and better channels. Moreover, a growing manufacturing sector, especially in apparel and footwear, can provide new opportunities to women. They make and sell products like Women's African Ankara print maxi dresses, traditional clothes, flats, bags, etc., without any hassle.
- Economic Growth
It is evident that reduction in poverty and inclusive growth brings economic development. 'Trade Integrity' is one of the hot topics of every country and continent. It can help achieve higher levels of economic productivity add value to all types of sectors. Furthermore, it also promotes inclusive and endurable industrialization. It is one big step to economic diversification and resilience.
As per the estimation, the agreement will improve the export of Africa by around $560 billion, especially in manufacturing. Moreover, intra-continental exports would also rise by 81%, while non-African countries would increase by 19%.Like these, there can be immense benefits of Africa's Integrated Trade that can be reaped for the betterment of the continent. Melamit Marketplace is focused on integrating the African Market. We are one of the top multi-vendor platforms supporting African products and introducing potential African Sellers to the US Market. Our platform allows sellers to sell and buyers to buy products without hassle. Whether you want to sell Ethiopian Traditional print, African dresses, African print tops, footwear, and much more, you can easily do so with the help of our platform. Register now!