What percentage of member nations' trade is determined by the African Continental Free Trade Area
As of 2021, the African Continental Free Trade Area (AfCFTA) has been implemented, but data on the exact percentage of member nations' trade being determined by it is not available yet. The AfCFTA aims to create a single market for goods and services in Africa, and it is expected to significantly increase intra-African trade. However, it will take time for the full impact of the agreement to be measured and for comprehensive data on the percentage of trade determined by it to be available.
As of 2021, the African Continental Free Trade Area (AfCFTA) is a relatively new agreement, so it is challenging to provide an exact percentage of member nations' trade determined by the AfCFTA. However, the AfCFTA has the potential to significantly impact intra-African trade. It aims to create a single market for goods and services within Africa, promoting increased trade and economic integration among member countries. Once fully implemented, it is estimated that the AfCFTA could boost intra-African trade by 52% by 2022, according to the United Nations Economic Commission for Africa. Overall, the AfCFTA is expected to have a significant influence on member nations' trade in the future, but its full impact is yet to be realized.
To find the exact percentage of member nations' trade determined by the African Continental Free Trade Area (AfCFTA), we need to gather data on the total trade volume of member nations and compare it with the portion attributable to the AfCFTA. However, the specific data required for this calculation may not be readily available.
Here's a generalized approach to estimating this percentage:
1. Identify the total trade volume of member nations: This data may be obtained from various sources such as official trade statistics from individual countries, regional trade organizations, or international trade databases like the World Trade Organization (WTO) or United Nations Comtrade.
2. Determine the trade volume explicitly attributable to the AfCFTA: This may be more challenging due to the relatively recent establishment of the AfCFTA and the lack of comprehensive data. However, some estimates or reports might provide insights into the initial impact or projected effects of the AfCFTA on member nations' trade.
3. Calculate the percentage: Once the trade volumes from steps 1 and 2 are obtained, divide the trade volume attributable to the AfCFTA by the total trade volume of member nations and multiply by 100 to get the percentage.
It is important to note that because the AfCFTA is a relatively new agreement, concrete data on its impact may not be widely available. As the agreement progresses and more data becomes accessible, accurate estimations can be made.