Financial institution, Standard Chartered Plc, has said that the total exports from Africa will reach about $952bn by 2035 with the potential of being boosted further by about 29 per cent due to the African Continental Free Trade Agreement.
When fully implemented, AfCFTA is expected to further boost trade by 3 per cent annually from now until 2035.
This was revealed in its ‘Future of Trade: Africa’ report which was released during the 2023 World Bank Group – IMF Annual Meetings taking place in Marrakesh, Morocco.
In a statement accompanying the report, Standard Chartered said, “Rising regional trade levels and greater connectivity will unlock high‑growth corridors across Africa and beyond. Intra-Africa trade is expected to reach $140bn by 2035, equating to 15 per cent of Africa’s total exports.
“Africa’s corridors with some of the world’s most dynamic regions will grow faster than the global average of 4.3 per cent. The East Africa-South…