Capitalizing on the African Continental Free Trade Area (AfCFTA) to Advance Mutual US-Africa Prosperity

Speaker: Professor Landry Signé (Associate International/Defense Researcher, RAND) 

Date: 14 September 2022

Speaker Session Summary

SMA hosted a speaker session with Prof. Landry Signé (Executive Director & Professor, Thunderbird School of Global Management, Arizona State University; Senior Fellow, Brookings Institution) as part of its SMA “Anticipating the Future Operational Environment” (AFOE) Speaker Series.

Despite being considered economically hopeless during the mid-2000s, African countries and their trade have grown dramatically in recent years, attracting attention from China and other international actors. This vast economic growth led African countries to create the African Continental Free Trade Agreement (AfCFTA). AfCTA—which was officially signed in 2021—includes 55 member states and is the second largest free trade organization in the world behind the World Trade Organization. Professor Signé commented that several factors exponentially increasing African trade include: growing household consumption of goods, fast-paced urbanization, many cellphone users, and Africa’s growing share of the global population. While there are many positive indicators for economic growth and inter-continental African trade, AfCTA faces several serious barriers to economic and trade growth.

African countries cumulatively account for less than 5% of global exports, a large funding gap for infrastructure, and there is strong over-dependency on international financing. Furthermore, tensions between countries—such as Rwanda and Uganda—will increase stress on continental trade. Policy makers in Africa’s diverse states have the most influence on whether the AfCTA realizes its full potential, stated Professor Signé. Policies should focus on decreasing the difficulty of doing business, decreasing energy cost, and avoiding trade deflections. Africa is also playing a larger role in the global strategic competition, attracting more attention and economic deals from China. The US—whose share of African trade is being diminished by China—can increase its influence on the continent by creating mutually beneficial policies and trade deals itself.

Speaker Session Recording

To access the recording of this event, please email Ms. Nicole Omundson (nomundson@nsiteam.com).

Briefing Materials

Biography:

Landry Signé, Ph.D. Executive Director & Professor, Thunderbird School of Global Management Senior Fellow, Brookings Institution

Professor Landry Signé is a world-renowned professor and leading practitioner who has won over seventy prestigious awards and distinctions globally for his academic, policy, business, and leadership accomplishments. He has received the fastest reported tenure and promotion to the highest rank of full professor in the history of the U.S. universities in his discipline. He has served as the Managing Director and is now the Executive Director and Professor at the Thunderbird School of Global Management, Senior Fellow in the Global Economy and Development Program at the Brookings Institution, Distinguished Fellow at Stanford University, Chairman of the Global Network for Africa’s Prosperity, Senior Adviser to top global leaders (presidential, prime minister, and C-suite levels) in business, policy, and international affairs, and a member of the World Economic Forum’s Global Future Council on Agile Governance, and the World Economic Forum’s Regional Action Group for Africa, among others. He is also Founding Director of the Fourth Industrial Revolution and Globalization 4.0 Initiative, Senior Adviser to top global leaders (presidential, ministerial, and C-suite levels), and author of numerous books published by the world’s #1 ranked academic press in the field (Cambridge University Press). In addition, he has been on numerous boards and councils including for the World Economic Forum, the United Nations, and the African Union.

Professor Signé’s achievements have been recognized internationally with dozens of distinctions for his accomplishments as an extraordinary professor, prolific author, cutting-edge scholar, influential public intellectual, exemplary and dedicated academic leader, innovative entrepreneur, sought-after strategic thinker, problem-solver, board member, and keynote speaker. He was selected as a World Economic Forum Young Global Leader for “finding innovative solutions to some of the world’s most pressing issues,” an Andrew Carnegie Fellow for being one of the “most creative thinkers,” a Desmond Tutu Fellow for driving “the transformation of Africa,” a Woodrow Wilson Public Policy Fellow for “preeminent scholarship uniting the world of ideas to the world of policy,” and one of JCI’s Ten Outstanding Young Persons in the World for “extraordinary achievements and dedication exemplifying the best attributes and leadership in academia.” He has won over a dozen of teaching awards including the Chancellor’s Award for Excellence in Teaching, and was recognized by the World Economic Forum in 2021 as one of their “[top 50] foremost future-oriented thought leaders,” and one of “the world’s leading thinkers to fashion longer-term perspectives and co-create a narrative that can help guide the creation of a more resilient, inclusive, and sustainable vision for our collective future.” He was also named to the inaugural list of “Apolitical’s 100 Most Influential Academics in Government” in the world, which “highlights work that has influenced the policymaking process by providing insights into policy problems and contributing innovative ideas and solutions.” As a pioneer in Silicon Valley, he is the first to have taught at Stanford an award-winning course presenting Africa as a continent of economic opportunities (Emerging African Markets: Strategies, Investments and Government Affairs), and received the Stanford Center for African Studies Distinguished Leadership Award for “innovative teaching, outstanding mentorship and exceptional service to the community.”

Professor Signé has taught or has been a visiting scholar globally, including at the universities of Oxford, Stanford, Georgetown, Montreal, Ottawa, Witwatersrand, as well as the Sub-Regional Institute of Statistics and Applied Economics in Central Africa, Mohamed VI Polytechnic University and HEC Paris School of Management, among others. He often engages with global policymakers and business leaders to bridge the world of ideas and practice, has testified before the U.S. Senate, the United States House of Representatives, and the U.S. International Trade Commission, as well as briefed top global leaders. His work has also appeared in the New York Times, the Washington Post, Foreign Affairs, Foreign Policy, CNBC, Forbes, the Hill, and Harvard International Review, among others. Professor Landry Signé completed his education (valedictorian), postdoctoral, and executive education at Stanford University, Harvard University, the University of Oxford, McGill University, the University of Montreal, and Sciences Po Paris, the University of Lyon 3, receiving many of the most prestigious awards and distinctions. His adventurous life experiences have also transcended into his love for thrill-seeking hobbies from walking safaris with gorillas and cheetahs to skydiving, shark diving and more.

This speaker session supported SMA’s Anticipating the Future Operational Environment (AFOE) project. For additional speaker sessions and project publications, please visit the AFOE project page.