(Ecofin Agency) - While it was supposed to be operational since 2021, the African Continental Free Trade Area is still struggling to go on stream. To accelerate the process, the Enhanced Integrated Framework (EIF), the United Nations Economic Commission for Africa (ECA), and the International Islamic Trade Finance Corporation (ITFC) pledged support for the project. The information was made public via a March 10 press release published on the ECA website.

Eight countries will benefit from this support. They are Burkina Faso, Côte d'Ivoire, Guinea, Mauritania, Niger, Senegal, Togo, and Tunisia. According to the statement, the initiative will “create an environment where trade can be more efficient and inclusive in the eight beneficiary countries.”

"This joint project can potentially push regional trade levels up from 18% to 25% within a decade. With proper implementation, this could also lead to a US$10 billion decrease in imports from outside the continent, while boosting agriculture and industrial exports by up to US$45 billion (7%) and US$21 billion (5%) per year," said Vera Songwe, UN Under-Secretary-General and Executive Secretary of the ECA.

The AfCFTA project has already received support from various international partners. The United States, through the US-Africa Business Council, recently announced its intention to attract investment in a less fragmented market. Institutions such as the United Nations Development Programme (UNDP) and the African Development Bank (AfDB) are also supporting the project.

When fully implemented, it will eliminate tariffs on 97% of tariff lines over 13 years, starting January 1, 2021. It is currently the largest free trade area since the creation of the World Trade Organization (WTO).

Jean-Marc Gogbeu, intern