A comparative analysis between the AfCFTA and the EEA agreements: The impact of the activities of foreign multinational corporations and counterfeit goods on economic development and enhancement of socio-economic rights

Abstract

It is estimated that the AfCFTA could generate approximately USD 450 billion by 2030. This growth has the potential to promote economic development, which, in turn, could positively affect the realisation of socio-economic rights in Africa. Despite this potential, many African countries continue to face challenges in enforcing these rights. This research argues that it is essential that all African countries rigorously implement the AfCFTA. No African country is immune to the challenges identified in this research, particularly those related to the enforcement of socio-economic rights. The AfCFTA holds significant potential to promote job creation, reduce poverty, and increase prosperity across the continent. In other words, the Agreement could contribute positively to addressing socio-economic issues. However, this study argues that for these benefits to be realised, two main challenges must be addressed: the activities of foreign multinational corporations and the trade in counterfeit goods. If these issues are not effectively managed, the AfCFTA may fail to achieve its full potential, and Africans may not fully benefit from it. This research contends that an intra-African trade agreement is crucial for promoting economic development and, in turn, supporting the enforcement of socio-economic rights.