Egypt’s exports to Africa expected to double due to AfCFTA: experts

SourceAhram
SectorEconomy
CountryEgypt

Egypt’s exports to African countries, estimated to be worth $4.7 billion, are projected to double over the coming four years in the event that all the African Continental Free Trade Agreement’s (AfCFTA) stages are fully rolled out, according to the Minister Plenipotentiary and Alternate Chief Negotiator to AFCFTA, Fadel Yacoub. Yacoub made his comments during a discussion panel held on Monday virtually and organised by the Afro Media Initiative. Yacoub added that Egypt was among the first African countries to outline all its obligations to the agreement to the African Union Secretary. Egypt was also one of the first to ratify the agreement in April 2019, becoming one of the 36 African countries, out of 55, to do so. However, Yacoub said that the AfCFTA faces a number of challenges, especially that total African trade represents only three percent of global trade, while trade within Africa only accounts for eight percent of total African trade with external markets. He...read more...