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Free trade: all benefits for the Togolese economy

17/10/2019
Source : republicoftogo.com
Categories: General Information

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African leaders last year launched the African Continental Free Trade Area (AfCFTA), which raises high hopes across the continent. Many hope that this mega-regional agreement will boost intra-African trade and lead to important development gains.

The legal framework has been agreed, african countries will now have to tackle the next steps to make this agreement a reality on the ground. 

Beyond the regional dynamic, proponents of a free trade area hope that it will also help strengthen Africa's place in global trade. In recent years, analysts have increasingly focused on the role that regional value chains could play in helping African producers better integrate into global markets. 

Togo on Thursday launched its national strategy to allow the country to integrate into this whole.

According to the government, this strategy will be an opportunity to identify continental business opportunities and put in place appropriate policies and measures.

Togo wants in particular to promote agricultural products such as cotton, maize, cassava, yam, rice, soybeans, coffee, cocoa ...

According to the authorities, the continental agreement includes access to a regional market for products manufactured in Togo, improved conditions for creating regional value chains, and integration into the global economic system.

Another advantage is that consumers will have a wider choice of products and more attractive prices because imported from Africa via a short cycle.

The AfCFTA is a 60% increase in intra-African trade by 2022, according to the Union, 

The African Union estimates that its implementation will increase intra-African trade by nearly 60% by 2022.

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