Carnegie Endowment for International Peace
After decades of hyper-globalization, global trade is shifting towards reshoring supply chains in advanced economies alongside increased regional integration in other parts of the world. In 2019, African countries created the world’s largest single free trade area, the Africa Continental Free Trade Agreement (AfCFTA). Our work on trade examines the changing landscape of Africa’s trade relations and the implications of regional integration for export diversification and new trade agreements for access to global markets as well as the future of the Africa Growth and Opportunity Act.
Sign up for our newsletter Back to main pageKenya’s notable progress in securing regional and international trade deals is positioning the country as an important trading economy.
In the long run, PAPSS could also substantially reduce dependence on external currencies, and the associated financial volatilities. Cross-border transactions such as remittance transfer by migrants within Africa and exchanges among small businesses should be easier, quicker, and cheaper.