Addis Ababa, 28 November 2024 (ECA) - Innovative policies and robust partnerships are key for Africa to overcome the challenges facing the implementation of the African Continental Free Trade Agreement (AfCFTA), say experts at a Workshop on Modelling the Impact of AfCFTA on African Economies in Addis Ababa, Ethiopia.
The experts underscored the role of economic modelling in crafting evidence-based policies for the AfCFTA’s successful implementation.
The workshop was organized virtually by the Macroeconomics, Finance and Governance Division (MFGD) of the Economic Commission for Africa (ECA) on the theme “Modelling the Impact of the African Continental Free Trade Agreement (AfCFTA) on African Economies
In his opening remarks, Mr Hopestone Chavula, Officer-In-Charge of the Macroeconomic Analysis Section of the MFGD, highlighted the significance of the AfCFTA, stating that the AfCFTA is not just a trade agreement—it is a platform for economic transformation.
“AfCFTA provides Africa with a unique opportunity to strengthen regional integration, enhance industrialization, and reduce poverty while positioning the continent as a competitive player in the global economy,” said Mr. Chavula.
He emphasized on the importance of leveraging economic modelling to navigate uncertainties, align policies, and track progress toward a more integrated, resilient, and inclusive African economy, taking into considerations the challenges and opportunities associated with its implementation.
The virtual event brought together economists, policymakers, researchers, and other stakeholders to explore how economic modelling could support the effective implementation of the AfCFTA and optimize its transformative potential.
It served as a platform for dialogue, capacity-building and collaboration, focusing on strengthening participants’ ability to use advanced economic modelling tools to assess the AfCFTA’s impact on African economies; exploring how modelling insights could influence policy decision making; and devising solutions for supply-side constraints, tariff and non-tariff barriers, and the infrastructure gap, which collectively impede the AfCFTA’s transformative potential.
ECA remains committed to supporting African countries in maximizing the potential of the AfCFTA through capacity-building, technical support, and fostering collaboration among stakeholders.
Participants explored various scenarios, such as tariff reductions, infrastructure investments, and the removal of non-tariff barriers, to understand the agreement’s potential impacts across sectors, countries and Regional Economic Communities (RECs).
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org