African Development Bank reaffirms commitment to AfCFTA

 The African Development Bank has reinforced its dedication to regional integration, highlighting the transformative potential of the African Continental Free Trade Area (AfCFTA) in creating a united market that could boost intra-African trade by 52 percent by 2035.

"Africa's economic transformation hinges on our capacity to integrate," Joy Kategekwa, Director of Regional Integration, African Development Bank said during a high-level ministerial roundtable in Casablanca. "The AfCFTA presents a significant opportunity to establish a unified market, unleash business potential, drive industrialisation and generate employment."

The ministerial roundtable, organised by the African Leadership Organization, brought together African ministers, private sector leaders and financial partners to explore opportunities within the AfCFTA framework, and develop concrete mechanisms for policy alignment, infrastructure, development and trade enhancement, says an official release from the bank.

"Integration is not just about moving goods; it is about ensuring the free flow of people, ideas and opportunities," Kategekwa added. "The African Development Bank is committed to fostering this progress through strategic support and investments."

Unlocking a $3.4 trillion market
The AfCFTA represents a market of 1.5 billion consumers and a combined GDP of $3.4 trillion, the release added. "To capitalise on this potential, the bank has made substantial investments in strategic infrastructure, including transport corridors, ports, airports and railways, while also providing trade facilitation instruments such as credit lines for trade development."

Kategekwa identified two key priorities for advancing regional integration: Harmonizing trade standards to facilitate cross-border exchange and investing in digital infrastructure to enhance SME access to continental opportunities.

"Strengthening our industrial synergies is essential for Africa's emergence,” says Kategekwa. "We are working to position each of our countries' comparative advantages within the continent's value chains."

The roundtable concluded with participants pledging to accelerate the effective implementation of the AfCFTA through coordinated actions aimed at building a more integrated, productive and innovative Africa, the release added.