The African Continental Free Trade Area (AfCFTA) and the Republic of Korea (South Korea) have launched a new joint framework aimed at deepening their cooperation in trade and investment.
The AfCFTA Secretariat announced that agreements to elevate trade partnerships were reached during the inaugural Korea-Africa Economic Committee (KAEC) Business Roundtable held in Seoul.
This landmark consultative forum primarily brought together leading companies and institutions from both Africa and South Korea to conduct extensive discussions on identifying practical areas of cooperation in manufacturing, energy supply, infrastructure development, digital trade, and industrial development.
The new KAEC cooperation framework was established following the signing of a Memorandum of Understanding (MoU) between the Korea International Trade Association (KITA) and the AfCFTA Secretariat in June 2024.
This framework is expected to significantly boost trade relations and investment flows between Africa and South Korea. As a prominent member of this continental free trade area, Zimbabwe is actively participating in the 2026 Korea-Africa Business Forum through its export promotion agency, ZimTrade. The primary objective of Zimbabwe’s participation is to diversify the country’s export market options and unlock new commercial opportunities for local companies within the Asian market.
In a statement, AfCFTA Secretary-General Wamkele Mene noted that African countries are keen to strengthen strategic cooperation with South Korea through the continental free trade agreement.
He pointed out that this collaboration plays a vital role in accelerating industrial development and bringing about sustainable economic transformation across the continent.
“The establishment of the KAEC reflects our shared commitment to building practical and mutually beneficial partnerships between Africa and the Republic of Korea,” the Secretary-General said.
He added, “As Africa advances the implementation of the AfCFTA, we welcome deeper cooperation in trade, investment, technology, and infrastructure that supports sustainable economic growth and creates opportunities for businesses and people across both regions.”
The Secretary-General’s remarks underscore that Africa is highly focused on leveraging the AfCFTA framework to attract foreign investment, strengthen regional value chains, and boost its industrial development by partnering with major global economies like South Korea.
Chairman of the Korea International Trade Association (KITA), Jin Sik Yoon, stated on his part that this cooperation framework opens up immense opportunities for industrial and economic collaboration between Korea and Africa.
“If Korea’s industrial competitiveness is combined with Africa’s high growth potential, we will be able to create a future-oriented model of cooperation that draws global attention,” the Chairman emphasized in a statement. He assured that the KAEC will continue to actively support exchanges between business leaders of both regions and the discovery of new joint projects.
The AfCFTA, which officially came into force in May 2019, is the flagship strategic project of the African Union’s Agenda 2063, aiming to create a single continental market for African goods and services. On the other hand, KITA, which signed the agreement, is South Korea’s largest business organization representing more than 80,000 member companies, playing a central role in promoting global trade and investment.
