But the world’s largest free trade area needs measures to boost productivity and expand opportunities.
Slow progress in digitalization and paperless transactions, lack of transparency in regulatory procedures and weaknesses in long-term planning are among the issues holding back port performance in the region.
The continent also remains the largest seafarer-supplying region in the world. Four of the top five countries supplying seafarers in 2021 were from Asia.
UNCTAD says the African Continental Free Trade Area could boost intra-African trade by up to 33% and cut the continent’s trade deficit by 51%.
UNCTAD warns that global consumer prices will rise significantly in the year ahead until shipping supply chain disruptions are unblocked and port constraints and terminal inefficiencies are tackled.
UNCTAD predicts that annual growth in maritime trade between 2022 and 2026 will slow to 2.4%, compared to 2.9% over the past two decades.
UNCTAD tests a new training game that helps port managers to come up with solutions to make their ports more resilient and compliant with the UN Sustainable Development Goals.
UNCTAD’s TrainForTrade programme boosts the skills of port management practitioners and prepares them to tackle shocks and emerging challenges.
Developing countries are already suffering relative economic losses three times greater than high-income countries due to climate-related disasters.
Estimates indicate that annual climate adaptation costs in developing countries could reach $300 billion in 2030 and, if mitigation targets are breached, as much as $500 billion by 2050.
