Free trade in AfCFTA is one step closer

Free trade in AfCFTA is one step closer

Free trade in Africa is now one step closer to reality. Gambia’s parliament approved the Africa Continental Free Trade Agreement (AfCFTA), becoming the 22nd nation to do so. With Gambia, the agreement has reached the minimum threshold to come into force.

Gambia's ratification has already been called ‘historic’. With the 22th African country ‘on board’, it is now actually possible to create the largest trade zone in the world.

With agreement that was reached in 2018, trade tariffs on 90 percent of goods traded between countries can be removed. After the official operational launch in July 2019, AfCFTA is expected to boost intra-African trade by 52% by the year 2022.

AfricaNews reports about the progress the free trade agreement in Africa has made. So far, 52 countries have signed the AfCFTA agreement, 22 countries have ratified the agreement. Eritrea, Nigeria and Benin are yet to sign the AfCFTA agreement

Further reading on Africanews.com

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