WASHINGTON - eTradeWire -- Osaretin Agbonavbare is championing the African Continental Free Trade Area (AfCFTA) agenda, backing the efforts of Secretary-General Wamkele Mene to create a single market and currency for the continent. This ambitious plan aims to unlock Africa's vast economic potential, positioning it as the largest consumer economy globally, with a GDP rivaling China and the US by 2070.¹

Harnessing Africa's Population Strength
With a combined population of 1.4 billion people, Africa can leverage its demographic advantage to drive economic growth and development. A single economy and currency would enable the continent to speak with one voice in global trade and economic forums, increasing its negotiating power and forging stronger partnerships with other regions.

A Single Market and Currency: The Key to Unlocking Africa's Potential
The AfCFTA seeks to reverse decades of market fragmentation and reliance on primary commodity exports. By creating a unified market, Africa can²:

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- Foster industrial development: Encourage value-added production, creating jobs and stimulating economic growth.
- Enhance global competitiveness: Position Africa as a major player in global trade, attracting investment and promoting economic integration.
- Simplify business operations: Reduce transaction costs and increase efficiency, making it easier for businesses to operate across the continent.

Wamkele Mene's Leadership and Vision
As Secretary-General of the AfCFTA Secretariat, Wamkele Mene has been instrumental in driving the agenda forward. His vision for a prosperous and economically integrated Africa is centered on implementing the AfCFTA, with a focus on:
- Trade in goods and services: Liberalizing trade and promoting economic integration.
- Dispute settlement mechanisms: Establishing effective mechanisms for resolving trade disputes.
- Customs and trade facilitation: Simplifying and harmonizing customs procedures to reduce trade barriers.

Conclusion
Osaretin Agbonavbare's support for Wamkele Mene's efforts to boost the AfCFTA agenda is a significant step towards realizing Africa's economic potential. By creating a single market and currency, Africa can unlock its strengths, drive growth, and become a major player in the global economy.

Visit WorldBank (http://www.worldbank.org/en/news/feature/2020/07/01/african-continental-free-trade-area-afcfta) for more information