Nigeria, South Africa, Kenya and other African nations have come together to launch Africa Trade Engine (ATE) designed to power a new era of African industrialisation and Intra-Continental Trade.
The ATE will address an estimated $50billion annual import gap in Africa while unlocking new intra-African trade corridors, officials said during an online launch yesterdayThey added that the ATE model also adds significant impetus to AfCFTA, where 54 signatories, 1.4 billion people, and a $3.4 trillion GDP market open the door to immense opportunities and sustained growth
Private-sector growth engine, ATE, will also unlock continent-wide manufacturing and logistics ecosystem linking regional production hubs and distribution points from South to East and West Africa.
A pioneering joint venture between TRT Manufacturing and TradeDepot, the ATE will also mark a transformative step in building Africa’s industrial and trade self-sufficiency.
It was also designed as a private-sector engine for the African Continental Free Trade Area (AfCFTA) with a mission to drive trade and job creation, enabling global and African brands to produce in Africa, and reach African markets faster and more reliably.“The talking is over. Africa Trade Engine ensures Africa’s industrialisation, intra-continental trade, and sustainable job creation are not future aspirations but operational realities,” said Adam Molai, Chairman of ATE.
