Nine in 10 African CEOs have confidence that adopting the African Continental Free Trade Area (AfCFTA), agreement will increase intra-African trade, news agencies reported over the weekend, citing a survey by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC). Nearly 93 percent of the top executives from Small and Medium-sized Enterprises (SMEs) across Africa were confident the free trade agreement will boost economic activities.
In March 2018, African countries signed the Af- CFTA, which commits nations to remove tariffs on 90 per cent of goods and address other non-tariff barriers. A vast majority of African CEOs believe that im-plementing the AfCFTA will positively affect the levels of intra-African trade, even as early as 2022-23. Nearly 20 per cent of the survey takers said that the trade agreement will open up new markets to export their goods and services, with almost 15 percent expecting the creation of industrial hubs.