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4.3.1 South Africa is a part of the Southern African Customs Union (SACU), which comprises five member countries: Botswana, Lesotho, Namibia, South Africa, and Eswatini (formerly Swaziland). SACU facilitates free trade between these countries by implementing a common external tariff and free movement of goods within the union.
4.3.2 As of now, 54 of the 55 African Union member states have signed the African Continental Free Trade Agreement (AfCFTA), and more than 40 countries have ratified it. This agreement aims to create a single continental market for goods and services, with free movement of business persons and investments across Africa.
4.3.3 The New Partnership for Africa's Development (NEPAD) is an economic development program of the African Union. It was established in 2001 to address challenges facing the continent, such as poverty, underdevelopment, and marginalization amidst globalization. NEPAD seeks to enhance Africa's growth, development, and participation in the global economy by promoting democracy, sound economic governance, regional integration, and creating conducive conditions for sustainable development.
4.3.4 Implementing the African Continental Free Trade Agreement (AfCFTA) faces several challenges, including:
Infrastructural Deficits: Many African countries suffer from inadequate infrastructure that makes trade difficult, such as poor roads and unreliable power supplies.
Non-Tariff Barriers: These include logistical inefficiencies, such as customs bottlenecks, corruption, and differing trade standards.
Diverse Economic Development Levels: The differing stages of economic development among the member states can be a significant hurdle.
Political Will: Successful implementation requires robust political will and commitment from all member states to align policies and regulations.
4.3.5 The AfCFTA aims to reduce tariffs between member countries, making it less expensive for goods and services to flow across borders. This reduction of tariffs means that businesses in member countries can trade with each other at lower costs, thus encouraging higher volumes of trade. As trade barriers come down, it is expected to foster economic growth, job creation, and industrialization across Africa, benefiting economies by making them more resilient and competitive on the global stage.
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