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Africa’s Continental Trade Zone Gets US Backing

The US is optimistic that if the Africa Continental Free Trade Area (AfCFTA) is implemented the right way, it could help the continent solve most of its industrial challenges and attract more foreign investment. In a press statement released by the White House during the US-Africa Business Summit in Washington, the Biden Administration expressed confidence in Africa’s transformation journey. “Africa’s integration into global markets, demographic boom, and continent-wide spirit of entrepreneurship and innovation present an extraordinary opportunity for the US to invest in Africa’s future,” it reads. A Memorandum of Understanding (MoU) signed between the US and the AfCFTA Secretariat on Dec 14. could boost trade and investment in the continent, while unlocking trillions of dollars from Africa’s hidden potential.