A lack of access to trade and market information is one of the key reasons for the low level of intra-African trade.Ms. Kanayo Awani,
Managing Director of the Bank’s Intra-African Trade Initiative
An Afreximbank initiative
The African Export-Import Bank (Afreximbank) has identified intra-African trade as a critical factor for unlocking Africa’s economic potential. Although the share of intra-African trade as a percentage of total African trade has increased from 10% in 1995 to around 16% currently, it remains low compared to the levels in Europe (59%), Asia (51%), and North America (37%). One of the key reasons for the low level of intra-African trade is the lack of access to cross-border trade and market information.
Committed to transforming Africa, Afreximbank launched the biennial intra-African Trade Fair in 2018 as a unique platform to connect African buyers, sellers, and investors.
Alongside IATF, Afreximbank also offers a comprehensive suite of products and facilities to support intra- and extra-African trade.
There will be challenges, but while standing at a crossroads we have identified the right road in order to grow African economies, actualize potential and fulfil our destiny. We must work together so that we can swim together in progress, prosperity and securityOlusegun Obasanjo,
IATF Advisory Council H.E Chief
In partnership with the African Union
March 2018 marked the signing of the African Continental Free Trade Area (AfCFTA) agreement by the majority of African countries. This agreement opened the way for increased intra-African trade, and also enhanced the continent’s appeal for prospective investors.
As a flagship project of the African Union Agenda 2063: The Africa We Want, the AfCFTA will bring together 55 African countries with a combined population of more than 1.2 billion people and a combined gross domestic product (GDP) exceeding US$2.5 trillion, making the continent the largest free trade area created since the formation of the World Trade Organisation (WTO).
The IATF is, essentially, a gateway into the AfCFTA, heralding what will be the biggest free trade area in the world.
What started out in 2018 with the inaugural IATF in Cairo, Egypt, has quickly grown into a resounding success. Trade and investment deals worth US$32 billion were concluded, and more than 1,000 exhibitors and 2,500 conference delegates from over 45 countries participated, resulting in an unprecedented platform for businesses to exponentially grow their interests through Africa.
IATF2020 is organized by Afreximbank in collaboration with the African Union Commission (AUC) and hosted by the Government of the Republic of Rwanda.
Themed "Building Bridges for a Successful AfCFTA", a strong focus will be placed on recognising growth opportunities for intra-African cross-border trade and investments.
IATF2020 will take place 1-7 September 2020
in Kigali, Rwanda.