Leaders from around the world, including many in Africa, have been sending congratulatory messages to U.S. President-elect Joe Biden and Vice President-elect Kamala Harris. After four years of a U.S. administration that waged war on multilateral institutions, African hopes are high for a reset.
And it couldn’t come at a better time. As a collective, the continent is embarking on a new economic path. In 2018, African heads of state signed an agreement that would bring to life the African Continental Free Trade Area (AfCFTA)—a game-changer in African regional and international trade. When it comes into effect in stages over the next several months and years, the AfCFTA will cover a market of more than 1.2 billion people and up to $3 trillion in combined GDP, with the potential of increasing intra-African trade by over 50 percent, according to the United Nations Economic Commission for Africa. According to the World Bank, meanwhile, the agreement could add $76 billion in income to the rest of the world. On its completion, the AfCFTA will become the largest free trade area in the world since the establishment of the World Trade Organization.
