African countries have been urged to take action on innovation, value addition, and industrialisation to end the cycle of exporting unprocessed raw materials and strengthen intra-African trade, which is seen as a key factor for the continent’s long-term economic prosperity.
The call was made during the official opening of the Intra-African Trade Fair(IAFT) on Thursday, September 4, held under the theme "Gateway to new opportunities,” in Algiers, Algeria.
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The weeklong event, regarded as Africa’s premier trade and investment marketplace, has convened more than 35,000 participants, including heads of state, policymakers, investors, and experts from over 140 countries. More than 2,000 exhibitors are showcasing their innovations, with over $44 billion in trade and investment deals expected to be signed.
Organised by the African Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC) and the African Continental Free Trade Area(AfCFTA) Secretariat, the biennial fair provides a platform to drive collaboration, trade, and inclusive economic growth across the continent.
Speaking at the opening ceremony, Selma Malika Haddadi, Deputy Chairperson of the AUC, hailed the progress since the first IATF in 2018, which has so far generated trade and investment deals worth over $43 billion.
"But these are not just deals; they are the very fibre of an integrated and prosperous continent, woven together by inclusive growth, sustainable development, and our shared aspirations for stability,” she said.
She also pointed to the urgency of turning commitments into action, particularly around innovation, adding value, and industrialisation to break the chains of remaining "exporters of unprocessed raw materials but become architects of the very industries that will power Africa’s prosperity.”
"In the shifting global geopolitical and geo-economic context, this should no longer be a distant aspiration but an urgent imperative, and it is becoming a reality,” she explained, highlighting that even though Intra-African trade rates are still low, there was a steady increase of 27 percent from 2017 to 2023, accounting for almost $200bn mark.
What hinders intra-African trade?
Haddadi pointed out that, regardless of a steady improvement in intra-African trade, it still represents a lower proportion of the total African trade, 15 percent, underscoring that while external factors play a role, part of the challenge lies in the choices made by African countries themselves.
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"This imbalance is not only the result of an unfair international trade regime. It is also the result of choices we have made, and therefore choices we have the power to change. Intra-African trade is and should be our point of focus,” she said.
"We have signed declarations, adopted strategies, and launched frameworks. Yet too often, our actions fall short of our promises.”
To close the gap, Haddadi called for harmonising regulations, standards, and payment systems, arguing that integration must move from paper to reality.
Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, said that accelerating the implementation of the AfCFTA is crucial for building resilience and safeguarding collective interests amid global trade shifts and uncertainties.
During the ceremony, it was announced that Nigeria will host the next IATF in 2027 in Lagos.