Sec. 2. Findings
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Congress finds the following: By 2035, the gross domestic product of African countries is projected to increase by $450,000,000,000 with the implementation of the AfCFTA and lift 30,000,000 Africans out of extreme poverty while boosting the wages of African women and unskilled workers in particular, according to World Bank estimates. According to the World Bank, the total intracontinental exports from African countries would increase by 81 percent under the AfCFTA. By economic sector, the AfCFTA is expected to be especially important for expanding manufacturing, by increasing intracontinental manufacturing exports by 110 percent, which will diversify African economies and decrease the reliance of such economies upon extracting natural resources.
The AfCFTA will also increase African manufacturing exports to the rest of the world by 46 percent. As a result of the AfCFTA creating new commercial opportunities and diversifying global supply chains, the rest of the world’s gross domestic product is expected to increase by $76,000,000,000.