A record US$42.1 billion trade and trade-related investment deals were generated at this month’s second Intra-African Trade Fair (IATF 2021), according to the latest figures published by the IATF Advisory Council on Monday.Organised by African Export-Import Bank (Afreximbank), the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, IATF 2021 took place from 15-21 November in South Africa’s port city of Durban.
Afreximbank president Benedict Oramah said the record deals at IATF 2021 was proof that intra-African trade is taking root under the platform of the AFCFTA.
“The US$42.1 billion in trade and investment deals that were generated reflected the record participation, a well-thought-out platform, diversity and depth of goods and services showcased and a rich programme,” Oramah said.
The previous tally for deals concluded during the trade fair published by the IATF Advisory Council last week was US$36 billion. The council said the latest figures captured additional data submitted by trade promotion agencies of Algeria, Nigeria and South Africa.
This record value of trade and investment deals was the outcome of more than 500 business deals concluded during the seven-day programme of business-to-business, business-to-government and government-to-government exchanges, exhibitions, and trade and investment conference sessions.