ADDIS ABABA, Dec. 6 (Xinhua) -- The United Nations Economic Commission for Africa (UNECA) has announced the launching of a new statistical tool dubbed "the African Continental Input-Output Table (AfCIOT)" to deepen trade integration across the continent.
In a statement released on Friday, the UNECA said the new tool would help policymakers, businesses, and researchers make informed decisions and foster sustainable economic development by decoding trends and dynamics of how goods and services are produced and traded across borders.
"With the African Continental Free Trade Area (AfCFTA) now in full swing, the African Continental Input-Output Table allows us to analyze the broader implications of the landmark agreement on trade, investment, employment, and sustainable growth across Africa," Director of the African Center for Statistics at the UNECA Oliver Chinganya was quoted as saying.
Chinganya said the tool would enable countries to identify opportunities for cross-border value chains and assess the impact of policy decisions on the ground.
"As we move toward the full implementation of AfCFTA, the need for robust, accurate, and comprehensive data has never been more urgent," said the director, adding that the AfCIOT would help African countries make evidence-based decisions in the design of trade policies.
According to research conducted by the UNECA, Africa's trade statistics often portray economies competing rather than complementing one another, with countries exporting similar products to external markets while neglecting regional trade.
The AfCIOT aims to reshape this narrative by analyzing the exchange of local value-add between African countries. It also helps policymakers fine-tune development strategies to promote local value-added production, the statement said.
"The tool empowers African countries to quantify the value of intra-African trade and optimize local value-added production, a key requirement in boosting the AfCFTA," it added. ■
