AfCFTA to Propel Intra-Africa Export to $1 Trillion by 2035, Standard Chartered Forecasts

A new report from Standard Chartered Bank Group anticipates that intra-Africa exports will surge to $1 trillion by 2035 following the implementation of the African Continental Free Trade Area (AfCFTA).

Titled “Future of Trade 2023,” the report underscores AfCFTA’s pivotal role in fostering intra-Africa trade and catalyzing sustainable economic development in the region.

Sunil Kaushal, CEO of Africa & Middle East at Standard Chartered, emphasized the necessity of AfCFTA in fortifying Africa’s economic resilience, stating, “The global pandemic demonstrated the acute need for Africa to build a robust economic and social model that can withstand substantial external shocks without derailing the significant progress that has been made over the past three decades.”

He further highlighted AfCFTA as a key component of this resilience, noting that its widespread ratification across African states positions it as a catalyst for driving trade within the continent.

As nations continue to recover from the pandemic’s impact, AfCFTA is poised to play a pivotal role in shaping a more resilient and interconnected African economy.