Towards achieving sustainable economic development through the African Continental Free Trade Area : a legal analysis

Abstract

The African continent holds tremendous potential for prosperity, due in part to vast reserves of diverse natural resources and a population of over 1.3 billion people. The economic potential of the continent has the capacity to fulfil the socio-economic rights of all African citizens. However, even though the African people should benefit from the extensive economic potential across the continent, the socio-economic state of Africa is extremely poor. Thus, the problem analysed in this study concerns the urgent need to improve the dire socio-economic state prevalent on the African continent, specifically though regional economic integration. Regional economic integration is a recognised and effective means of achieving sustainable economic development, which in turn leads to the promotion and protection of socio-economic rights. In essence, African states require the achievement of true sustainable economic development in order to promote socio-economic rights and the recent formation of the African Continental Free Trade Area is a potential means of fulfilling this urgent need. However, regional economic integration capable of promoting socio-economic rights requires a well-developed legal framework with a clear focus on the achievement of sustainable economic development. Therefore, this study provides a critical examination of the legal framework upon which the African Continental Free Trade Area is built. Although the legal instruments themselves cannot ensure the achievement of sustainable economic development, it can provide a framework in terms of which sustainable economic development, and the resultant fulfilment of socio-economic rights, can be achieved. In this manner the regulatory framework of the African Continental Free Trade Area will play an important role in facilitating the fulfilment of African people's socio-economic rights. The research methodology used in this dissertation is a literature study of primary and secondary sources in the international and regional sphere, specifically in relation the United Nations and the African Union. Apart from analysing relevant sources, this study also considers the potential adaptability of the free trade area to overcome challenges, such as the COVID-19 pandemic, as well as various conditions

for success which can be met to facilitate its socio-economic goals. The successful implementation of the African Continental Free Trade Area in the wake of the devastation caused by the COVID-19 pandemic is of even more importance as it will not only provide African economies with the means to rapidly recover, but will dramatically transform the socio-economic state of the continent and significantly change the standing of Africa in the global economy post COVID-19.