The African Continental Free Trade Area (AfCFTA) represents one of the African Union’s most ambitious initiatives to accelerate economic growth and promote regional integration with the aim of creating the world’s largest free trade area. This is the message that was conveyed during the meeting entitled “African Free Trade Area and the Mattei Plan: A Window on the Future of Agriculture”, which was held today on the opening day of EIMA International. The AfCFTA includes almost all African countries, opening the doors to a market of 1.3 billion people. Its significance cannot therefore be ignored and companies looking at internationalization should be aware of it and take it into account.
The panel of moderators on this topic was comprised of Gianfranco Belgrano, Alessandra Pastorelli of the Ministry of Foreign Affairs, Antonio Montanari, Confindustria Assafrica, Michele Vollaro of Internationalia, Danilo Desiderio, AfCFTA consultant, Fabio Massimo Bellerini of the Presidency of the Council, Alessandro Cugno of the Italian Trade Agency, and Alice Fanti of CEFA Ets.
Data from the African Development Bank and the World Bank – it was stated during the meeting – indicate that the potential of this agreement is enormous: it could lift 30 million people out of extreme poverty and generate an increase in overall income of USD 450 billion by 2035. Moreover, the AfCFTA aims not only to eliminate tariff barriers, but also to stimulate the development of regional value chains, by promoting key sectors such as industry and agriculture. The main objectives of the agreement include the creation of a single market for goods and services, establishing a continental customs union and promoting inclusive and sustainable socio-economic growth. Concrete measures include the progressive elimination of tariff and non-tariff barriers in trade in goods, with the aim of eliminating 97% of tariffs by 2030.
Despite significant progress, major challenges remain. The lack of adequate infrastructure, especially in the transport sector, and the difficulties related to the free movement of people are obstacles that must be overcome to fully realize the potential of the AfCFTA. In this context – the speakers explained – the Mattei Plan, proposed by Italy, can play an important role in supporting African efforts, strengthening collaboration with Italy in the sectors of agriculture and mechanization, and promoting sustainable development as well as shared economic growth.
During the event, the contents of the special publication produced by Africa e Affari in collaboration with FederUnacoma were also presented to examine the implementation status of the AfCFTA and its implications for the development of the agricultural sector in Africa. The Overview examines 20 countries, providing data on the state of production and import of machinery, so as to give a picture of the most recent trends.
