- March 3, 2023
- Posted by: AITRC 2
- Categories: News, Events, Blog
The African Continental Free Trade Area (AfCFTA) is a trade agreement among 54 African countries that aims to create a single market for goods and services, with free movement of people and capital. The agreement was signed in March 2018 and came into effect on January 1, 2021.
The AfCFTA aims to boost intra-African trade, which currently only accounts for about 16% of the continent’s total trade. By eliminating tariffs and non-tariff barriers, the agreement aims to increase trade among African countries, promote industrialization, create jobs, and ultimately drive economic growth and development across the continent.
The agreement covers a range of trade-related issues, including rules of origin, customs procedures, and trade facilitation. It also includes provisions on intellectual property, investment, and competition policy. In addition, the agreement includes measures to support the participation of small and medium-sized enterprises in trade, as well as provisions to address concerns about the potential social and environmental impacts of increased trade.
The implementation of the AfCFTA is expected to face several challenges, including infrastructure constraints, regulatory barriers, and political instability in some parts of the continent. However, if successful, the agreement has the potential to transform the economic landscape of Africa and create new opportunities for businesses and individuals across the continent.
To download the agreement establishing African Continental Free Trade Area (AfCFTA), CLICK HERE
