What is AfCFTA?
The African Continental Free Trade Area (AfCFTA) is a trade agreement aimed at promoting economic integration among African countries. It was launched on January 1, 2021. The AfCFTA seeks to create a single market for goods and services on the African continent, facilitating the free movement of people and investments.
The agreement aims to boost intra-African trade by reducing or eliminating tariffs on goods and addressing other trade barriers. By fostering economic integration, the AfCFTA aims to promote sustainable development and contribute to the overall economic growth of African nations.
The AfCFTA was negotiated by the African Union (AU) and is seen as a significant step toward realizing the long-term goal of establishing a continent-wide free trade area. It is expected to bring about numerous benefits, including increased trade, job creation, and improved competitiveness for African businesses in the global market.
How does AfCFTA benefit African economies?
The African Continental Free Trade Area (AfCFTA) is a trade agreement aimed at promoting economic integration among African countries. It was launched on January 1, 2021. The AfCFTA seeks to create a single market for goods and services on the African continent, facilitating the free movement of people and investments.
The agreement aims to boost intra-African trade by reducing or eliminating tariffs on goods and addressing other trade barriers. By fostering economic integration, the AfCFTA aims to promote sustainable development and contribute to the overall economic growth of African nations.
The AfCFTA was negotiated by the African Union (AU) and is seen as a significant step toward realizing the long-term goal of establishing a continent-wide free trade area. It is expected to bring about numerous benefits, including increased trade, job creation, and improved competitiveness for African businesses in the global market.
Member states
As of now, a total of 54 out of the 55 African Union member states have signed the AfCFTA agreement. So far 47 countries have ratified their instruments of the AfCFTA agreement, 46 have ratified and deposited their instruments of ratification, seven countries have signed but yet to ratify and only one country is yet to sign.
