Cheat Sheet: Intra-African Trade Fair (IATF2021)
Preparations escalate for IATF2021 across Africa
The Intra-African Trade Fair (IATF2021), a powerhouse event held in Durban, South Africa, during November 2021, aimed to supercharge economic integration and trade within the African continent. Key topics and features included:
Trending Topics
- AfCFTA Promotion: IATF2021 served as a launching pad for the African Continental Free Trade Area (AfCFTA), boosting the creation of a unified market for goods and services across Africa, with immense potential (combined GDP over $3.5 trillion and a population of 1.4 billion) [1][5].
- Intra-African Trade Lift-Off: The event revolved around the mission to enhance the abysmal intra-African trade levels (around 15-18%) by identifying feasible solutions to eliminate trade barriers [3][5].
- Investment and Development Boom: The fair showcased the wealth of business and investment opportunities across Africa, with a special focus on sectors such as automotive, agriculture, and manufacturing [1][4].
- Tech and Border Simplification: Amping up the use of technology, digitalization, and AI was essential to streamlining trade processes, minimizing border delays, and reducing costs as part of pioneering initiatives like the Africa Trade Gateway [3].
Key Elements
- Trade Show Spectacle: Over 2,000 exhibitors, hailing from both Africa and outside, flaunted their goods and services to thousands of curious visitors, fostering connections and collaborations [5].
- Negotiation Hub: Business-to-business (B2B), business-to-government (B2G), investment forums, and networking sessions enabled participants to seal deals and forge fresh relationships [4][5].
- Compelling Results: Significant trade and investment agreements have stemmed from successful IATF events, with cumulative deals exceeding $100 billion and attracting upwards of 70,000 visitors and 4,500 exhibitors [5].
- Cross-Sector Priorities: Special emphasis was placed on sectors vital for African growth, such as manufacturing, agriculture, and infrastructure, staying true to AfCFTA's vision [4].
IATF2021 played a pivotal role in driving the African trade agenda forward, opening up new business possibilities, and offering a space for stakeholders to discuss trade policy issues directly [1][3][5].
- At the Intra-African Trade Fair (IATF2021), a significant focus was on boosting finance and investment opportunities within Africa's market, particularly in sectors like automotive, agriculture, and manufacturing.
- The event aimed to lift intra-African trade levels, which currently hover around 15-18%, by identifying feasible solutions to eliminate trade barriers and streamline trade processes using technology and digitalization.
- The fair showcased the immense potential for economic growth within Africa, as the combined GDP of African countries exceeds $3.5 trillion and has a population of 1.4 billion, highlighting the market's attractiveness for business and finance.
- IATF2021 served as a platform for stakeholders to discuss trade policy issues directly, forging new business relationships, and sealing agreements that have already resulted in deals surpassing $100 billion.
- By enhancing infrastructure, such as manufacturing and agriculture, and encouraging investment, the fair aimed to supercharge economic integration and trade within the African continent, directly impacting the continent's economy and overall business landscape.
