18/01/21 – Event / Africa’s Big 7 / Africa / Food / Beverage, Tradeshow / AfCFTA
Africa is now trading under new rules – what does this mean for the F&B sector?
The trading phase under the African Continental Free Trade Area (AfCFTA), signed by 54 of the 55 countries in Africa, was launched on 1st January 2021. The deal unites an estimated US$3 trillion market and could help to realise more than US$84 billion in untapped intra-African exports, according to the African Export-Import Bank (Afreximbank). But what does this mean for the food & beverage industry?
The AfCFTA eliminates tariffs on 90 per cent of goods produced on the continent, tackles non-tariff barriers to trade, and guarantees the free movement of persons. Because of the AfCFTA, Africa’s manufacturing output is expected to double to US$1 trillion, creating 14 million jobs by 2025. Meanwhile, intra-African trade could increase from its current 18 per cent to reach 50 per cent by 2030.
Good news for agriculture, food and drink
So, what does this all mean for professionals in the food & beverage industry? An industrialising continent will catalyse the agricultural sector. Manufacturing will support agricultural production and agro-processing plants, which provide the food and energy to meet growing African as well as wider global demand.
Africa’s Big 7 – the continent’s largest meeting place for the food & beverage industry – returns in 2021 for its 18th edition. Running from 20–22 June 2021, the premier event offers participants direct access to buyers across the continent.
Dmg events, organisers of Africa’s Big 7, are inviting businesses to utilise the continent’s largest and longest-running food and beverage event as a springboard for their Africa strategy – to validate market research, network with champions of industry, source new products for distribution, and develop your entry-to-market strategy.
For more information on the upcoming event, visit: www.africabig7.com
To book a stand or for further enquiries, complete this short form