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The Effects Of The African Continental Free Trade Agreement On Africa's Regional Economic Communities: An Empirical Analysis, Elizabeth Zhu
The Effects Of The African Continental Free Trade Agreement On Africa's Regional Economic Communities: An Empirical Analysis, Elizabeth Zhu
Undergraduate Economic Review
This study examines the economic effects of the African Continental Free Trade Agreement (AfCFTA) on three regional economic communities in Africa: COMESA, ECOWAS, and CEMAC. It scrutinizes the effects of the agreement on Africa’s largest trading partners: the EU, China, and America. Three scenarios are modelled using the GTAP CGE model: a removal of tariffs on 97% of goods, a removal of non-tariff barriers, and a combination of the previous two scenarios. The findings show that the welfare of all African regions increases due to AfCFTA, but to varying degrees, with CEMAC benefiting the least of the three regional blocs.