This book examines the past, present and prospects of regional economic
integration in Africa. The empirical analysis ranges from unions formed
during the years following independence, to the proposed African
Continental Free Trade Area (AfCFTA), which aims to remove trade
barriers between all 55 African states. In addition, the book explores
to what extent Africa's Regional Economic Communities (RECs) have
advanced in accordance with a linear integration model of goods, labor
and capital markets.
The book subsequently evaluates the suitability of the European model of
deep integration with costly institutions for the conditions specific to
Africa, considering, for example, the role of informal and non-recorded
trade. Stylized cases of regional division of labour with increasing
returns and imperfect competition are introduced to support the economic
integration logic. Past and current economic policies in Africa are
scrutinized to answer the question: how can African regions best foster
new manufacturing industries and value chains across the continent? In
conclusion, the book outlines content and processes of Common Industrial
Policy in the African regions. The book also addresses the controversial
issue of international trade agreements between developing countries and
the European Union or the USA and investigates whether these agreements
impede or promote economic development in Africa. The book includes a
detailed roadmap describing how to improve key clauses of agreements for
economic partnership in the interest of African countries. In closing,
it outlines a new vision of joint sustainable development for Africa and
Europe.
