Summary on the Theme
The African Continental Free Trade Area (AfCFTA), a timely and ambitious initiative brings 55 African economies together to form the world’s largest trading bloc of more than one billion people, with a Gross Domestic Product (GDP) worth USD 3.4 trillion, having entered into force with the mandatory 22 signatories in May 2019. When it becomes fully operational, it is expected to be a game-changer for the continent giving its potential to boost intra-African trade by 52.3% simply by eliminating import duties and to double that figure if non tariff barriers are also reduced.
The AfCFTA agreement creates the foundation for a single continental market for goods and services with the free movement of persons and investments. It will provide stakeholders across various sectors and industries the opportunity to enjoy economies of large-scale production as well as free access to a continental market. Through the coordination and facilitation of trade policies and instruments within and across jurisdictions, the agreement aims to expedite regional and continental integration processes in all its ramifications.
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