The implementation of mammoth African free trade agreement, known as the AfCFTA, will help cut carbon dioxide emissions in the continent by 80 percent, said chairman of African Export–Import Bank (Afreximbank) on Wednesday. Speaking at the Egypt-ICF International Cooperation Forum in Cairo, Benedict Oramah said Africa bears the brunt of the effects of climate change even though studies show it has contributed least to the crisis. Africa has about a fifth of the world's population, yet it has a relatively small carbon footprint, producing 3.1 percent of global CO2 emissions, Oramah stated. Afreximbank chairman has called world leaders to support the implementation of the African Continental Free Trade Area (AfCFTA). When implemented, the AfCFTA will create the largest free trade area in the world measured by the number of countries participating. The pact is connecting more than 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at $3.4 trillion. It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will rely on putting in place significant policy reforms and trade facilitation measures. The agreement aims to reduce tariffs among member countries and cover policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical barriers to trade. Full implementation of AfCFTA would reshape markets and economies across the region and boost output in the services, manufacturing and natural resources sectors.
