Africa anticipating beauty and fashion boom as trade agreement comes into force

Africa anticipating beauty and fashion boom as trade agreement comes into force

The African continent is hoping that a landmark trade agreement, the African Continental Free Trade Agreement, which wipes out tariffs for a number of FMCG goods between member states will boost trade in clothing and cosmetics, according to a report published by the Financial Times.

The African Development Bank set up an initiative aimed at supporting the growth of homegrown cultural and creative industries in 2015 and is expecting to see the fashion industry grow fivefold on the back of targeted investments.

“People are feeling proud to be African and they are consuming African,” Frannie Leautier, COO of the Eastern and Southern African Trade and Development Brand told the Financial Times. “The price brands can get from selling their product in the US or elsewhere can be higher, but the volume will come from selling it in Africa.”

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