The Economic Commission for Africa (ECA) and Afreximbank announced the development of the African Trade Exchange Platform (ATEX), a digital business-to-business (B2B) and business-to-government (B2G) tool to boost trade in Africa.
A statement by the Economic Commission for Africa on Friday explained that ATEX would help boost intra-African trade under the African Continental Free Trade Area (AfCFTA).
The statement added that the Platform was developed in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat.
The ECA noted the ATEX platform will enable the trade of the leading agricultural commodities and inputs imported by the continent from Russia and Ukraine, including cereals, fertilizer and associated inputs, oils, oilseed, other products, and inputs that support agricultural value chains.
“The impact of the AfCFTA on intra-African trade is likely to be much higher as the above estimates don’t consider informal cross-border trade which is prevalent in most African LDCs.
“African LDCs are extremely vulnerable to global shocks due to their current trading patterns and the AfCFTA will be instrumental in cushioning African LDCs from external shocks and bolstering the industrialization of these countries.”
They added the AfCFTA was expected to impact countries differently, based on their comparative advantages, all African countries would benefit and ensures gender policy is mainstreamed in the national AfCFTA implementation strategies, which is collaborating with African nations for AfCFTA implementation strategies.
Earlier this month, Nigeria’s President Muahmmadu Buhari said the African Continental Free Trade Agreement (AfCFTA) will increase Nigeria’s exports by more than 15 percent in fishery, textile, leather, wood, and papers, metals, electronics, vehicles, and transport equipment.
He urged African leaders must also build the requisite infrastructure and also actively promote productive employment and a decent workplace, to explore the benefits of the African Continental Free Trade Agreement (AfCFTA).