A recently released report by the Economic Commission for Africa (ECA) has disclosed that despite the enactment of the African Continental Free Trade Area (AfCFTA), African nations still engage in more trade with countries outside the continent than with each other.
The report noted that although the agreement establishing the AfCFTA officially started on January 1, 2021, the anticipated improvements in trade between African countries have not materialized stating that the proportion of intra-African trade relative to worldwide trade decreased from 14.5% in 2021 to 13.7% in 2022.
The report was presented by Stephen Karingi, ECA Director, Regional Integration and Trade Division to experts ahead of the 4-5 March ministerial segment of the Conference of Ministers of Finance, Planning and Economic Development (COM2024).
