A new online tool is seeking to eliminate hiccups to the recently operationalised African Continental Free Trade Area (AfCFTA) and ensure quicker and more efficient trade.
The tool dubbed 'tradebarriers.africa' has been hailed as an example of how technology will contribute to the success of AfCFTA, ''The AfCFTA non-tariff'' barriers online mechanism is designed to improve intra-African trade by offering a site for reporting and resolving non-tariff barriers experienced by businesses, particularly small ones and those owned by women and youth.
This tool will also have impact on ordinary lives, opening up earning opportunities for the informal sector and small and medium enterprises, which will help to create jobs and alleviate poverty.
The AfCFTA non-tariff
In addition, it will lower and manage non-tariff barriers better will also help maximize the anticipated benefits of the free trade area.
UNCTAD Secretary-General Mukhisa Kituyi, reported that the time and costs of moving goods in Africa will be reduced if there is political willingness to fight non-tariff barriers.
According to a recent UNCTAD report shows, that African countries could gain US$20 billion each year by tackling the trade-distorting effects of non-tariff measures at the continental level way more than they could pick up by eliminating tariffs.
This the reason why UNCTAD and the African Union worked together to develop the new mechanism.
Noteworthy, African countries are set to launch AfCFTA, amid lengthy efforts for regional integration. When implemented, the AfCFTA is expected to increase intra-African trade by 52.3 percent by 2022, from 2010 levels.
In turn, higher trade levels can facilitate economic growth, transform domestic economies, and help the countries achieve the Sustainable Development Goals (SDGs).
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