Africa Continental Free Trade Area: A Step in the Right Direction

Published on 20th March 2018

African leaders through the AU Assembly have agreed to actualize the Africa Continental Free Trade Area protocol.  This will bring together all the member states of the African Union creating  a market of over  1.2 billion people and a combined gross domestic product (GDP) of more than US$3.4 trillion. The AfCFTA, which will be the world’s largest free trade area is expected to boost intra-African trade by 52.3 percent by eliminating import duties, and to double this trade if non-tariff barriers are reduced.

The AfCFTA is set to create a single continental market for goods and services; ensure free movement of business persons and investments; harmonize and coordinate trade liberalization; and enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better reallocation of resources.

The AfCFTA is a big plus towards establishing an African agenda to negotiate with the global world.Africa must give it the goodwill to work.

This article has been read 6,012 times