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A new study by the Moroccan Finance Ministry’s Studies and Financial Forecasts Department (DEPF) has established the positive effects of African integration on the Moroccan economy.
The research assessed the impact of the African Continental Free Trade Area (AfCFTA) on the Moroccan economy in terms of trade flows, activity (production, sectoral added value and factor markets), and macroeconomic aggregates (consumption of households and GDP).
The study’s results were the subject of a seminar on Wednesday, November 17, 2021. The event was jointly organized by the Policy Center for the New South and the French Development Agency (AFD), with the technical support of International Food Policy Research Institute (IFPRI).
“All the interventions highlighted the importance of the AfCFTA, which offers Africa an opportunity to harmonize its business environment and presents real hope for long-term development,” the Policy Center for the New South said in a press release.
The AfCFTA will establish one of the largest free trade zones in the world, covering a region of more than 1.2 billion consumers, the statement recalled.
Read also: Morocco Keen to Take Leading Role in African Integration, Security
Christian Yoka, the Africa Director of the French Development Agency (AFD), underlined that AFD Group devotes 50% of its financing to Africa through a network of agencies present in 31 countries of the continent.
He also noted that pan-African cooperation is essential “to set up a free trade area, as well as the key role of regional institutions for the coordination of trade policies.”
The seminar saw the participation of senior government officials and representatives of international organizations, including the European Union, the World Bank, and the United Nations Economic Commission for Africa.
Although Africa’s economy was particularly hard hit by the effects of the global pandemic, economic analysts from Global Data predict the damage may soon be over for some countries.
Morocco is one of the leaders of the African continent with a predicted GDP growth rate of 5.19%, according to the Global Data report.
