Publisher's Synopsis
The African Continental Free Trade Area (AfCFTA) agreement was signed by the majority of African Union Member States in March 2018, ratified by the required number of countries by May 2019, and came into force in January 2021. If all members ratify it, the agreement will bring together 1.2 billion people with a combined gross domestic product (GDP) of more than US$ 3 trillion. Regional integration is contributing to economic prosperity and sustainable development. Achieving the aim of "Creating One African Market" will critically depend on addressing non-tariff measures (NTMs) - not only tariffs. The global economic restrictiveness of NTMs is several times higher than that of current tariffs. This report analyses the most recent non-tariff measures (NTMs) data, collected over the last 4 years and covering two-thirds of the continent. Based on this data, we estimate Africa-specific ad-valorem equivalents of NTMs and assess the cost-reducing potential of regulatory convergence. The potential impacts of adhering to international and regional standards will also be estimated.
