14 Sep What is the AfCFTA?

The African Continental Free Trade Area is an agreement, signed in 2018 which is designed to create a single market for goods and services in Africa, facilitating the freedom of movement for people and spurring a number of initiatives which will allow growth and development across the continent.

Now, in 2023, the agreement is coming to fruition affecting the African Marketplace and setting the foundations for Africa to become a powerhouse in the world economy, following further developments with countries within BRICS which will make use of the open trade.

AfCFTA: Market Prospects

The freedom of goods and movement, alongside new regulations, compliance and codes for a single market within Africa, will open a large number of job opportunities across the continent of Africa – ushering in an economic boom across the region.

It is expected that the combined gross domestic product of approximately $3.4 trillion USD. Trade has technically been acting within the African Continental Free Trade Area since 2021, however, signatories have continued to sign up to the agreement, extending the trade area, and equally empowering it.

As of February 2023, 46 of the 54 signatories have deposited their instruments of ratification, essentially opting for their states to be part of the agreement.

Transport Security Perspective

Specifically in relation to Security, the proper utilization of the African Continental Free Trade Area will allow for a much more streamlined movement of goods and products throughout Africa – this will equally mean more individuals of high-rank travelling with their goods and services across routes within the region.

With this, will come a number of security developments and opportunities will arise, especially in the access control and transport control sectors, with additional opportunities for physical security escorts to accompany the new trade operations.

Growth and Development

Security, Fire and Safety markets will all be invested in by government and non-governmental sources, allowing businesses within these markets to escalate operations and join the large amount of growth and development set to take place across Africa as a continent.