Post by Trade Coach on Oct 21, 2023 3:13:30 GMT 1
Standard Chartered projects $1trn Africa export trade by 2035
Standard Chartered Bank has projected that African exports will hit almost $1 trillion by 2035 with a potential boost of 30 per cent from the African Continental Free Trade Area (AfCFTA).
The projections were contained in Standard Chartered Bank, Future of Trade: Africa report, released on the sidelines of the ongoing World Bank/IMF Annual meetings in Marrakesh, Morocco.
According to the report, Africa’s total exports will reach $952 billion by 2035 and the AfCFTA, once fully implemented, has the potential to increase this figure by a further 29 per cent. This represents an annual growth rate of 3 per cent from now until 2035.
It added that rising regional trade levels and greater connectivity will unlock high growth corridors across Africa and beyond. Intra-Africa trade is expected to reach $140 billion by 2035, equating to 15 per cent of Africa’s total exports.
Commenting, Dr José Viñals, Group Chairman of Standard Chartered PLC, said: “Implemented effectively, the AfCFTA can radically reshape future growth and development. It will enable higher value-add supply chains and more diversified exports, allowing member states to reduce historical commodity dependence and achieve meaningful progress towards multiple Sustainable Development Goals. Through our global footprint, local expertise and innovative solutions, we are committed to supporting the development of the right policies, securing cooperation, and applying technology and capital in order to build better connections within the continent, and beyond.”
Also, Sunil Kaushal, Regional CEO, Standard Chartered Africa Middle East, said: “The disruptions to Africa’s supply chains over the last few years have amplified the urgency to implement the AfCFTA. At the same time, the findings of our report outline the requirements to exponentially bolster Africa’s exports, which the AfCFTA would benefit greatly. With the right regulations, collaboration, and governance, this opportunity can be made a reality”.
Source: www.vanguardngr.com/2023/10/standard-chartered-projects-1trn-africa-export-trade-by-2035/
Standard Chartered Bank has projected that African exports will hit almost $1 trillion by 2035 with a potential boost of 30 per cent from the African Continental Free Trade Area (AfCFTA).
The projections were contained in Standard Chartered Bank, Future of Trade: Africa report, released on the sidelines of the ongoing World Bank/IMF Annual meetings in Marrakesh, Morocco.
According to the report, Africa’s total exports will reach $952 billion by 2035 and the AfCFTA, once fully implemented, has the potential to increase this figure by a further 29 per cent. This represents an annual growth rate of 3 per cent from now until 2035.
It added that rising regional trade levels and greater connectivity will unlock high growth corridors across Africa and beyond. Intra-Africa trade is expected to reach $140 billion by 2035, equating to 15 per cent of Africa’s total exports.
Commenting, Dr José Viñals, Group Chairman of Standard Chartered PLC, said: “Implemented effectively, the AfCFTA can radically reshape future growth and development. It will enable higher value-add supply chains and more diversified exports, allowing member states to reduce historical commodity dependence and achieve meaningful progress towards multiple Sustainable Development Goals. Through our global footprint, local expertise and innovative solutions, we are committed to supporting the development of the right policies, securing cooperation, and applying technology and capital in order to build better connections within the continent, and beyond.”
Also, Sunil Kaushal, Regional CEO, Standard Chartered Africa Middle East, said: “The disruptions to Africa’s supply chains over the last few years have amplified the urgency to implement the AfCFTA. At the same time, the findings of our report outline the requirements to exponentially bolster Africa’s exports, which the AfCFTA would benefit greatly. With the right regulations, collaboration, and governance, this opportunity can be made a reality”.
Source: www.vanguardngr.com/2023/10/standard-chartered-projects-1trn-africa-export-trade-by-2035/
