AfCFTA Positive on Intra-African Trade Levels – Survey

Cairo, Egypt – For the third consecutive year, the Pan-African Committee on Private Sector Trade and Investment (PAFTRAC) have partnered with African Business magazine for the Africa CEO Trade Survey.

The survey aims to provide the African private sector with a unified voice to inform trade policy at continental and regional levels.

At the launch of the Africa CEO Trade Survey report, Professor Pat Utomi, Chairman of PAFTRAC, discussed the findings of the report, which highlights the opportunities and challenges companies face when doing business in Africa.

This year, more than 800 executives active on the continent, from 46 African countries, responded to the Africa CEO Trade Survey.

The survey provided a unique insight into the challenges and opportunities that exist in trade in Africa, and served as an excellent barometer of private sector sentiment on African trade and the African Continental Free Trade Area (AfCFTA).

The survey results were analyzed and released in a report earlier today at the annual meetings of the African Export-Import Bank (Afreximbank), one of PAFTRAC’s main supporters.

Speaking on the results of the survey, Professor Pat Utomi, President of PAFTRAC, shared that the “The survey clearly shows that the vast majority of African CEOs believe that the implementation of the AfCFTA will have a positive effect on intra-African trade levels even as early as 2022-23. 93% of CEOs surveyed were somewhat confident that it would have a positive impact, with 26% describing themselves as very confident.

Adding that “only 4% of respondents think the AfCFTA will have, or have had, a negative impact on their businesses.

While intra-African trade and the AfCFTA play an important role in the report, the survey also highlighted how African businesses view opportunities in external markets.

Professor Utomi explained that “African companies don’t seem to favor exporting to one region of the world over another.

However, the survey showed that while Europe appears to be the preferred export destination, the Middle East is an increasingly popular destination given growing trade and investment links with Africa.

The PAFTRAC Africa CEO Trade Survey report was launched at Afreximbank’s Annual Meetings, which are being held in the new administrative capital of the Arab Republic of Egypt until June 18, 2022.

Afreximbank’s 29th Annual Meetings themed “Realizing AfCFTA’s Potential in the Post-COVID-19 Era – Harnessing the Power of Youth”, will include Advisory Group Meetings and the Annual General Meeting of Shareholders , supplemented by seminars and plenaries.

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