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Answer :
4.3.1 South Africa is a member of the Southern African Customs Union (SACU), which includes the following countries: Botswana, Lesotho, Namibia, and Eswatini (formerly known as Swaziland). These countries have a free trade agreement with each other, allowing for goods to move freely between them without customs duties.
4.3.2 The African Continental Free Trade Agreement (AfCFTA) has been ratified by more than 40 African countries as of the latest updates. It represents a major step towards creating a single continental market for goods and services in Africa.
4.3.3 The New Partnership for Africa's Development (NePad) is an economic development program of the African Union. It aims to enhance growth, development, and integration in Africa by addressing issues such as governance, infrastructure, education, and agriculture. NePad was launched in 2001 with the goal of promoting sustainable development and reducing poverty.
4.3.4 The implementation of the AfCFTA faces several challenges, including infrastructural deficiencies, differing levels of economic development among member countries, and lack of trade-related information. Other challenges include harmonizing diverse national regulations and addressing political and security issues that could affect trade.
4.3.5 The AfCFTA aims to reduce tariffs between African countries, which are taxes imposed on imports and exports. By reducing these tariffs, the AfCFTA seeks to make intra-African trade cheaper and more efficient, encouraging more trade among member countries and boosting economic growth across the continent. Lowering tariffs should facilitate greater access to diverse goods and enhance market competitiveness for African producers.
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