Building diversified economies under AfCFTA
On the side-lines of the second edition of AfCFTA Summit in Kigali, former South African Minister Of Trade and Industry and Member of Advisory Board AfCFTA, Rob Davies joins CNBC Africa to talk about why South Africa has managed to create significant trade with African nations and how alleged tariff barriers in Africa are an opportunity for investment as well as how non tariff barriers hinder intra Africa trade.
Thu, 10 Oct 2024 15:20:11 GMT
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AI Generated Summary
- South Africa's diversified and value-added economy has enabled significant trade with African nations, emphasizing the importance of shifting towards value-added exports to enhance regional trade.
- Building regional value chains and promoting investment-led trade are crucial for expanding global trade within the African continent and leveraging the benefits of the AfCFTA.
- Challenges such as energy deficits and infrastructural limitations need to be addressed to attract foreign investment and drive industrial development across Africa, aligning with the objectives of AfCFTA.
Former South African Minister Of Trade and Industry and Member of the Advisory Board of the African Continental Free Trade Area (AfCFTA), Rob Davies, shared valuable insights on the potential of building diversified economies under AfCFTA. In a recent interview with CNBC Africa on the side-lines of the second edition of the AfCFTA Summit in Kigali, Davies shed light on South Africa's success in fostering trade with African nations, the challenges posed by tariff and non-tariff barriers, and the opportunities for investment within the continent. With Africa's economic landscape at the forefront of discussion, Davies emphasized the need for structural changes in productive capacity to enhance intra-regional trade and unlock the continent's industrial potential.
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