AfCFTA and Trade Facilitation in ECOWAS Borderless Region: Challenges and Prospects (Published)
This paper seeks to examine the establishment and ratification of the African Continental Free Trade Area Agreement (AfCFTA) as an endeavour on the part of the African Union to promote intra-African trade. The African socioeconomic development and industrial competitiveness is anticipated to increase as a result of the AfCFTA. The agreement is expected to link 1.3 billion people in 55 nations, with a $3.4 trillion global GDP. By 2035, it is projected to be able to save 30 million people from abject poverty. The AfCFTA will result in a significant liberalization of trade in products and services within Africa, making it simpler for business people to conduct international business and lowering trade costs. However, there are concerns that putting the agreement into practice successfully in a continent with limited capacity, uncompetitive industries, and reliable infrastructure will be difficult. The research relies on the secondary sources of data collection, which include the use of such materials as textbooks, journals, newspapers, magazines and internet sources. The paper analyses the political- economic dynamics and argues that the success of AfCFTA will be greatly influenced by a number of variables, including member states level of commitment, the availability of cutting-edge technology, technical capacity, and essential infrastructure, the transparency and accountability of processes, and how infractions and complaints are resolved.
Keywords: AfCFTA, Challenges and Prospects, Ecowas, Trade Liberalization, trade facilitation