South Africa’s Finance Minister, Enoch Godongwana, has pledged strong support for the African Continental Free Trade Area (AfCFTA) within the recently expanded BRICS grouping. This commitment highlights the nation’s strategic focus on two key developments with significant potential for its economy in 2024.
World’s Largest Free Trade Area Takes Center Stage:
The AfCFTA represents the world’s largest free trade area, uniting 55 African Union countries and eight regional economic communities. This creates a single continental market boasting a population of 1.3 billion and a combined GDP of roughly US$3.4 trillion. The African Continental Free Trade Area Secretariat recently unveiled the first-ever AfCFTA private sector action plan, involving 12 industry giants pledging $130 billion towards projects in key sectors like automotive, agriculture, pharmaceuticals, and logistics. AfCFTA Secretary General Wamkele Mene called these commitments a “leap forward” in realizing the transformative potential of intra-African trade.
Double Boost for South Africa:
Minister Godongwana views the simultaneous developments of the AfCFTA and the BRICS expansion as crucial drivers for South Africa’s economic growth in 2024. He further announced that President Cyril Ramaphosa will be presenting South Africa’s perspective on the AfCFTA on January 31st, emphasizing the nation’s active engagement in shaping the future of this influential trade bloc. This is reported by Pretoria News, a partner of TV BRICS.
