A Comparative Analysis of the AfCFTA and AFTA as Catalysts for Regional Economic Integration
Regional trade agreements have proven critical to promoting economic integration and increasing trade among member countries. The African Continental Free Trade Area (AfCFTA) and the ASEAN Free Trade Area (AFTA) are notable instances, signifying substantial steps toward economic integration in Africa and Southeast Asia, respectively. This article examines the objectives, accomplishments, obstacles, and prospects of both AfCFTA and AFTA, highlighting their roles in promoting regional trade and economic growth.
African Continental Free Trade Area (AfCFTA):
Background and Objectives
The AfCFTA is a free trade region established in 2018, with trade commencing as of January 2021, which intends to create a single continental market for goods and services, facilitate the mobility of money and people, and eventually build a continental customs union. 54 of the 55 African Union (AU) member states are parties to its initiative, making it the world’s largest free trade area in terms of participating countries.
