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AfCFTA could be an Egyptian game changer: OECD – News


Egypt has set up a monitoring and evaluation system to track the progress of the implementation of the African Continental Free Trade Area (AfCFTA) in connection with Vision 2030 and the National Structural Reform Program (NSRP 2021-24), and has established an economic cooperation development. A recent report by the Organization for Economic Co-operation and Development (OECD) promotes trade and improves infrastructure for continental integration.

AfCFTA will add 32 new Free Trade Agreement (FTA) partners to Egypt, scale its exports and provide Egypt with the opportunity to connect with traditional partners in Europe and the Middle East, as well as the entire global market. Is expected.

AfCFTA will come into effect in 2019 and, when fully implemented, will create an integrated market of 1.2 billion people.

The agreement holds the promise to unleash the continent’s industrialization process if a targeted national strategy is implemented to benefit from it. Africa trades very little on the continent and most often exports commodities and raw materials to other parts of the world. Even though Egypt is one of the few industrial tycoons on the continent.

According to a report entitled “Egypt’s Production Transformation Policy Review,” AfCFTA has great potential to facilitate the integration of Egypt and Africa into the global economy. We are working to implement reforms. The vibrant startup scene is also rooted in Egypt.

Egypt’s current economic expertise in oil, gas and agricultural products enables innovation and poses challenges to environmental sustainability.

“The existing specialization and lasting duality of the economy, where countless micro-enterprise and self-sufficient businesses coexist with a pocket of modernized excellence, also explains why countries invest little in innovation,” he said. The book states. Egypt invests 0.72% of its gross domestic product (GDP) in research and development, which is one-third of the OECD average (2.37%).

Since the 1990s, trade openness has been relatively stable, allowing the country to benefit more from trade.

Egypt needs global uncertainty to return to acceptable levels in order to continue its development path, a major structural impediment to a country’s ability to achieve a prosperous and inclusive economic vision. The report states that the challenges need to be addressed.

Egypt has strong leadership, a vision for the future, and an established system for coordination between top-level institutions. In the future, the country will benefit from updating its policy-making process by increasing its coordinating capacity beyond higher levels and within institutions, he said.

Egypt will also benefit from rationalizing and strengthening executing agencies, for example by building capacity to operate nationwide.

The OECD report added that Egypt also needs to modernize its quality infrastructure system to work well in the industrial and agricultural 4.0 situation.

Fiber2Fashion News Desk (DS)

Egypt establishes a monitoring and assessment system to track the progress of implementation of the African Continental Free Trade Area in connection with Vision 2030 and the National Structural Reform Program (2021-24), and promotes and improves trade. Will benefit from ongoing efforts for. Infrastructure for continental integration, according to the OECD.

AfCFTA could be an Egyptian game changer: OECD

Source link AfCFTA could be an Egyptian game changer: OECD



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