African Continental Free Trade Area (AfCFTA)

REFRAMING TRADE SUSTAINABILITY ON THE AFRICAN CONTINENT:

 

  • Background:

What is AfCFTA?

 

The African Continental Free Trade Area (AfCFTA) was founded in 2018. It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations. The free trade area is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organisations. The agreement initially requires members to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the continent. AfCFTA seeks to encourage cooperation among member countries to secure opportunities on investments, intellectual property rights, and competition policy.  As a result, manufacture a single market giving Africa a globally competitive advantage. A unified economic growth will ensue creating a sustainable approach in strengthening intra-African Trade.

 

Improving the Investment climate to be conducive to inclusive and green growth is key to Strengthening access in this pre covid era.