TradeMark Signs Deal to Foster Trade in Africa

A deal for trade facilitation and financing has helped to advance and expand commerce in Africa under the African Continental Free Trade Area (AfCFTA).

The agreement between TradeMark Africa, a trade aid organization, the Tony Blair Institute, and Trade Catalyst Africa aims to hasten the execution of the trade initiative, which was started in 2021 and currently has eight participant nations.

In order to help alleviate trade bottlenecks between African countries, the accord will also try to use its expertise in initiatives that facilitate trade, policy advice to governments, industrialization, trade infrastructure, green logistics, and innovative finance.

David Beer, CEO of TradeMark Africa, welcomed the alliance in a statement and noted that the plan will produce the proper synergies for promoting economic progress.

“At TMA, we are proud of the trade facilitation that we have undertaken across the East, Horn, and Southern Africa over the last decade. This has made significant contributions to reducing the time and cost of trade, as well as expanding exports,” Beer said.

In order to realize the goals of AfCFTA member states and establish a truly seamless trading environment in Africa, he continued, they will strengthen their relationship.

Rishon Chimboza, managing director of TBI, applauded the agreement and said it will help unlock the commerce potential of Africa, which may enable 30 million people on the continent to escape extreme poverty by 2035.

The World Bank estimates that if AfCFTA were completely implemented, 54 countries with a combined population of 1.3 billion people and a GDP of $3.4 trillion would form a single, continent-wide market (Sh423.8 trillion).

According to the lender’s trade integration research, this would also lower trade and investment obstacles and increase competitiveness, making Africa more appealing to regional value chains and investors.

Organizations have already intervened in Africa by providing tech-based solutions for trade licenses and customs administration, as well as assistance with the implementation of trade corridor efficiency programs.

Others assist governments in developing comprehensive government trade and export promotion programs, automating and harmonizing trade standards, and enabling trade and infrastructure financing.