Sec. 2. Findings
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Congress finds the following: The Africa Continental Free Trade Area ( AfCFTA ) will be the largest free trade area given Africa’s current population of 1,400,000,000 people, which is expected to grow to 2,500,000,000 by 2050 and close to 40 percent of the global population by 2100; According to the United Nations Economic Commission for Africa, this single-market trade agreement will enable the African economy to reach the $29 trillion mark by 2050. According to World Bank estimates, by 2035, the total 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 people in Africa out of extreme poverty while boosting the wages of women and unskilled workers in particular in Africa.
According to the Brooking Institute Press Book Unlocking Africa’s Business Potential , by 2050, the combined consumer and business spending in Africa will exceed $16.12 trillion. According to the World Bank, 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 also is projected to 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.