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Africa’s trade bloc is a massive opportunity for UAE businesses

Africa’s trade bloc is a massive opportunity for UAE businesses

Africa has long been a market of strategic importance to Dubai and the emirate serves as a gateway for African companies that are successfully leveraging the emirate to expand their global reach.

Yet, infrastructure gaps, a lack of investor-friendly regulation and high tariffs have remained as barriers for Africa’s regional and international trade, limiting the continent’s economic potential.

It is encouraging to see signs of progress emerging recently which have signalled a major shift in Africa’s economic outlook and growth momentum. The most important development is the launch of the Africa Continental Free Trade Area (ACFTA), a historic deal that has brought together most African nations creating the world’s largest free trade area and uniting 1.3 billion people under a $2.5 trillion economic bloc.