Building an African Digital Economy: ECA signs agreement with EU to accelerate creation of one market

Abstract

On the margins of the Africa-Europe conference which took place in Vienna Tuesday, the United Nations Economic Commission for Africa (ECA) and the European Union signed a €3million agreement aimed at supporting national implementation strategies for the continental free trade area. The establishment of an African trade observatory is also planned, and will be a key pillar of the African Continental Free Trade Area. The agreement was signed by the ECA Executive Secretary, Vera Songwe and the EU Commissioner for International Cooperation and Development, Neven Mimica. The AfCFTA aims at providing a single continental market for goods and services, with free movement of people and investments. Its goal is to accelerate Intra-Africa trade through better harmonization and coordination of trade liberalization. Through these measures, the establishment of the AfCFTA is expected to gather impetus to boost economic growth and attract investments from both within Africa and the world.