THE WEIGHT AND PLACE OF THE LEAST INDUSTRIALIZED COUNTRIES ON THE AFRICAN CONTINENT IN THE SMOOTH OPERATION OF THE NEW AFRICAN CONTINENTAL FREE-TRADE AREA (ACFTA)

Abstract

This study analyses the weight and places of the continent's least developed countries in the functioning of the new continental free trade area. This is an area that in theory will be the largest free trade area in the world in terms of population, area, and several countries. Of the 55 countries that make up the continent, 54 have signed the agreement and 36 have already ratified it, with a population of around 1.2 billion consumers. The overall objective of this study is to highlight the issues and challenges of the implementation of this new continental trade agreement, which will come into force on 1 January 2021 and is considered an "economic gamechanger" by the IMF and holds out the hope of an economic revival for the whole of Africa. A particular emphasis in this study is placed on the involvement and interest of the continent's weakest economies in the smooth functioning of this continental free trade area, which is a source of great hope. However, between theory and practice, there are grey areas, issues and challenges to be addressed as soon as possible, given the continent's lagging development, especially in the poorest countries, whose reluctance could compromise the smooth functioning of this historic and promising free trade area. Many of the countries that have ratified the signed agreement do not have the customs procedures, logistical facilities, and infrastructure necessary for the effective implementation of this flagship project that will mark the new approach to African economic governance. This being the case, it will be necessary to quickly put effective strategies in line with the equalization policy to encourage the continent's weakest economies to actively participate in this trade agreement which is already underway.