Question

There is a high level of uncertainty in the global economy as a result of COVID-19, which has negatively affected global trade. The impact of this pandemic has left even the most developed economies crippled.

B

In light of the above statement critically discuss the benefits that would have accrued to Nigeria and South Africa, had the two countries been able to take full advantage of the African Continental Free Trade Agreement (AfCFTA) as they both offer large export markets for agricultural products.

[25 Marks]

Answer 1

Answer:-

The African Continental Free Trade Agreement ( AfCFTA) is an agreement made for the free trade zone which incorporates number of nations. The part nations freely trade among themselves with no charges and expenses. The execution of AFCFTA holds numerous benefits to South Africa and Nigeria, for example,

Development in trade and other financial benefits:

such trade agreements have prompted an expansion in the general trade of the nation. Such agreements will add on to the exports and help the nation make due in this pandemic circumstance of COVID.

Since there is free trade, a large portion of the nations will attempt to get into agreements with these two nations and extra to the export an incentive for the nations. The will prompt a development in the trade, acquiring money related benefits and thus offsetting the parity of trade for the nations.

Generally speaking government assistance will improve:

The general government assistance of the nations will improve after the expulsion of duty. The nation will thrive as there will be stream of cash and the economy will begin running the upward way, after the expansion in exports of different merchandise.

Formation of jobs:

more business will result into increment in the interest for wage laborers and increasingly talented and semi gifted work. So as to satisfy the interest, jobs in different areas should be made. The expansion in generally trade of the nations will result into more individuals landing in more positions and in this way cash gracefully and development in the economy.

By exploiting the AFCFTA, Nigeria and South Africa can bring number of benefits for their economies and extra to the estimation of their nations' trade. Age of business and more occupation creation with free progression of cash in the economy will happen and moving the economy to more significant level may turn out to be simple.

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