The Possible Contribution of the African Continental Free Trade Area to the Economy of Eritrea

Ataklti Tsige Kidane
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Ataklti Tsige Kidane: Pan African University of Governance, Humanities, and Social Science (PAUGHSS)University of Yaoundé II, Soa, Cameroon

International Journal of Research and Innovation in Social Science, 2021, vol. 05, issue 1, 82-89

Abstract: Regional integration has a considerable contribution to achieving sustainable economic and social development through effective implementation of intergovernmental treaties and market-led strategies. These ambitions have been in the mind of every African since African countries got their independence. To reach these African dreams, African countries began with the establishment of African Economic communities (Abuja Treaty). Later the continent-wide free trade area that is AfCFTA came up with the objectives of creating a single continental free market for goods and services, free movement of factors of production, and paving the ground for accelerating the creation of a continental customs union. Eritrea is the only country left behind from this continental free trade treaty. Most of Eritrea’s policies are heavily influenced by the government’s ideology, which values self-reliance, that produced an inward-looking economy. However, these policies have contributed to Eritrea’s weak economy and financial woes, reduces extreme poverty, and promotes national unity; it much limits civil liberties, international engagements, and economic growth prospects; therefore, it needs much reform. The study used one of the various study plans, which is mixed-methods – qualitative driven- of exploratory research. The results revealed that the AfCFTA has significant expected benefits for the Eritrea economy. These benefits are not only restricted to the economy only; it goes to social, cultural, and diplomatic relations. The findings also discovered that the government has a limitation on reforming investment, trade, and financial policies. Therefore, the study recommends that Eritrea’s government to amend and implement the suspended policy in accordance with AfCFTA and should sign the treaty.

Date: 2021
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