The United Nations Economic Commission for Africa (UNECA) has called for increased intra-African trade and industrialization to spur inclusive growth and economic development in Africa.
The call was made on Thursday in Douala, Cameroon’s economic capital at the Expert Group Meeting (EGM) that aims to align the Boosting Intra-African Trade (BIAT) Action Plan with the transformative goals of the African Continental Free Trade Area (AfCFTA).
It said the event aims at BIAT’s progress “Despite Africa’s substantial potential, the continent’s share in global exports remains around 3 percent,” said UNECA, highlighting the need for increased intra-African trade and industrialization.
According to the statement, currently, intra-African exports and imports stand at 17.8 percent and 14.6 percent respectively, far below the levels seen in Europe and Asia.
UNECA’s statement further said that trade integration has been identified as an important driver and essential ingredient for inclusive growth and economic development across the African continent.
Recalling that AfCFTA was established to create a unified African market to foster seamless trade in goods and services, enhance Africa’s global trade position, and drive sustainable socio-economic development, UNECA said the AfCFTA has seen significant strides with 47 out of 54 signatories ratifying it as of April 2024.
It said the BIAT, whose action plan’s progress has been limited, identifies seven key clusters namely trade policy, trade facilitation, productive capacity, trade-related infrastructure, trade finance, trade information, and factor market integration, which are crucial for deepening market integration and boosting intra-African trade.
MG/as/APA