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.