Tunisia Reiterates Commitment to Joining Continental Economic Conventions at Japan-Africa Economic Forum
During his participation in the Japan-Africa Economic Forum in Abidjan, Côte d'Ivoire, Tunisian Minister of Economy Samir Abdelhafidh reiterated Tunisia's intention to join continental economic conventions, including the African Continental Free Trade Area (AfCFTA) and the Common Market for Eastern and Southern Africa (COMESA).
Background on AfCFTA
The AfCFTA is a project aimed at integrating the East African Community, the Southern African Development Community, the Economic Community of West African States, the Economic Community of Central African States, the Intergovernmental Authority on Development, and the Arab Maghreb Union into a single market. This free trade area aims to integrate 55 African Union member states.
Tunisia's Trade Balance with COMESA
Tunisia's trade balance with COMESA has recorded a positive surplus, which has sextupled since Tunisia's accession to the market until 2023. COMESA comprises 21 countries with nearly 640 million consumers and an average economic growth rate of 5.4% in 2023. Tunisia ranks 5th among COMESA's exporting countries and 11th among its importing countries. The main exported products include dates, olive oil, food products, phosphate, and chemical products, while imported products include coffee, tobacco, and dried fruits.
Potential of AfCFTA
According to experts, the AfCFTA has the potential to lift 30 million people out of extreme poverty, increase Africa's revenue by $450 billion, and connect 1.3 billion people.
Digitalization and Agriculture
Digitalization offers great potential for young people to exploit the growing sector of agriculture and agro-industry, which is expected to represent $1 trillion by 2030. This is an immediate return to be realized, given that most young Africans (40-60% of them) are already engaged in agriculture and agro-food.
Call to Japanese Investors
Minister Abdelhafidh also called on Japanese business representatives to strengthen their investments in Tunisia and other African countries to create jobs and achieve the development goals defined in the African Union's Agenda 2063.
Forum Focus
The forum focused on ways to boost the development of African countries by linking creativity and social integration to industrialization. In this context, Mr. Abdelhafidh spoke about Tunisia's efforts to develop its industrial fabric by integrating modern technologies.
