Source : Esther Azaa Tankou ( Head of Information Division ) African Union
THE AFCFTA AND THE 4TH INDUSTRIAL REVOLUTION
With regard to the fourth industrial revolution , the new AfCFTA SG said the global economy is on the brink of a new industrial revolution , driven by newgeneration information technologies such as the Internet of Things , cloud computing , big data and data analytics , robotics and additive manufacturing . All of this presents challenges and opportunities for the AfCFTA . He stated that , the 4th Industrial Revolution is likely to impact on the AfCFTA in a manner that we have not fully contemplated . How is Africa preparing herself for the 4th Industrial Revolution , in the context of the AfCFTA ? With the advent of additive manufacturing , what is the impact on industrialisation and job creation in Africa , jobs which may have been created on the back of the AfCFTA ? How will the e- commerce and digital trade chapter of the AfCFTA position Africa to be a global player in cloud computing services , data processing and data storage ? All of these , Mr . Mene said , are questions that require
forward looking intellectual rigour , including analysing how the future of trade and investment flows might change as a result of technological factors and the 4th Industrial Revolution . He added that , such forward looking intellectual rigour is critical in shedding light on the complex policy issues and strategic choices that will shape Africa ’ s trade and investment prospects over the next 10-30 years . The new AfCFTA SG reiterated that the Africa Continental Free Trade Area offers Africa an opportunity to confront the significant trade and economic development challenges of our time including : market fragmentation ; smallness of national economies ; over reliance on the export of primary commodities ; narrow export base , caused by shallow manufacturing capacity ; lack of export specialisation ; underdeveloped industrial regional value chains ; and high regulatory and tariff barriers to intra-Africa trade amongst others . The result of all of this , is a very low percentage of intra-Africa trade of 18 %.
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