AfCFTA: AfDB, Afreximbank collaborate to explore opportunities for fashion entrepreneurs
Amaka E. Nliam
Fashionomics Africa, an initiative of the African Development Bank Group (AfDB), in collaboration with Afreximbank will meet on Friday, 26th February, 2021 to explore opportunities for Africa’s fashion industry in the African Continental Free Trade Area (AfCFTA).
Fashionomics aims to foster the fashion industry in Africa as a lever to create jobs. It also aims to increase Africa’s participation in the global textile and fashion industry value chains.
The virtual meeting with theme, “African Continental Free Trade Area: Opportunities for Fashion Entrepreneurs,” will:
- Explore what the African Continental Free Trade Area is and its potential for cultural and creative industries and the fashion industry;
- Identify and present the opportunities and challenges that arise with the launch of the AfCFTA;
- Share tips and lessons learned on potential tools that will be crucial for fashion entrepreneurs to take full advantage of this new landscape.
The audience will gain insights from the experts on the opportunity that the AfCFTA presents for the creative industries and in particular the fashion sector.
Join us tomorrow!
The #FashionomicsAfrica webinar in collaboration with Afrexim Bank will discuss the theme, "African Continental Free Trade Area: Opportunities for Fashion Entrepreneurs."
Do not miss your last chance to register here https://t.co/ObSgBEVNhy pic.twitter.com/rQHHYRNlDH
— African Development Bank Group (@AfDB_Group) February 25, 2021
The AfCFTA, the world’s largest free trade area, was created by the African Continental Free Trade Agreement among 54 of the 55 African Union members. It is expected that trading, which began on 1st January, 2021 will enhance competitiveness and stimulate investment, innovation, and economic growth by increasing efficiency and eliminating barriers to trade.
It is projected to eliminate tariffs on 90 percent of goods and incrementally apply the same to services—this at a time when other regions of the world are rethinking trade agreements and economic integration.
The removal of tariffs on goods in particular is projected to increase the value of intra-African trade by 15 to 25 percent by 2040. This would translate to between $50 billion and $70 billion in dollar value.
Amaka E. Nliam
