African Free Trade Area Aims to Double $220 Billion Trade Volume by Digitizing Customs
Key Points
- The African Free Trade Area aims to double the $220 billion intra-African trade volume by digitizing customs
- A 20-year concession agreement has been signed
- Customs systems will be modernized with the provision of technology and infrastructure
By the Numbers
The African Continental Free Trade Area (AfCFTA) Secretariat aims to double the continent's $220 billion intra-African trade volume by mechanizing and digitizing customs systems. To achieve this, a 20-year concession agreement has been signed. The agreement was signed between the AfCFTA Secretariat, AfCFTA Holdings Limited, and AfriTrade CMP Limited.
The AfCFTA Secretariat aims to increase intra-African trade to $220 billion by 2024 and double it by 2035. However, to achieve this goal, customs systems need to be modernized. The AfCFTA Secretariat has signed an agreement with Bergmans Security Consultant and Supplies Limited to provide the necessary technology and infrastructure for customs modernization. This agreement aims to accelerate the technological development of customs operations in Africa.
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Frequently Asked Questions
- What is the goal of the African Free Trade Area?
- To double the $220 billion intra-African trade volume
- Why is the modernization of customs systems necessary?
- The modernization of customs systems is necessary for the increase in intra-African trade and the acceleration of customs operations
- Which companies signed the agreement?
- The AfCFTA Secretariat, AfCFTA Holdings Limited, and AfriTrade CMP Limited
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