Botswana’s President, Dr Mokgweetsi Masisi_ AU Chair Moussa Faki and Rwanda’s President Paul Kagame – Picture by African Union
Friday, 1 January 2021, African Union: 2021 marks the outset of trading under African Continental Free Trade Area (AfCFTA) agreement.
It is expected the AfCFTA ought to boost intra-African trade, promote industrialization and competitiveness as well as contribute to job creation. Likewise it shall unleash regional value chains that ought to facilitate Africa’s meaningful integration into the global economy.
This agreement was established under the Constitutive Act of the African Union of 2000, the Treaty Establishing the African Economic Community of 1991 and, where applicable the Marrakesh Agreement Establishing the World Trade Organisation of 1994.AfCFTA covers a market of 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion, across all 55 member States of the African Union.
For further information:
African Union: https://au.int/en/ti/cfta/about
https://en.wikipedia.org/wiki/African_Continental_Free_Trade_Area
