Five new countries join the African Continental Free Trade Area Agreement
The African Continental Free Trade Area Agreement (AfCFTA) receives five new signatures, bringing the total countries to have signed at 49.
Burundi, Lesotho, Namibia, Sierra Leone, and South Africa have all demonstrated their commitment to the free trade bloc.
The AfCFTA, which can be operational once ratified by 22 countries, will be one of the largest free trade zones in the world.
It is anticipated that the bloc will increase intercontinental trade by as much as 52% due to the elimination of tariffs and non-tariff barriers.
Tariffs could be removed for up to 90% of goods and commodities – creating free access across the continent.
The five nations signed the agreement at the 31st Ordinary Session of the Africa Union General Assembly, which was themed on ‘Winning the Fight Against Corruption: A Sustainable Path to Africa’s Transformation.’
The assembly was held on 2 July in Nouakchott, the capital of Mauritania.
- Could global supply chain issues be impacting manufacturing?Leadership & Strategy
- DHL Forwarding: invests US$8.29mn in South Africa facilityLeadership & Strategy
- Trialogue: CSI spend hits R10.7 billion in South AfricaLeadership & Strategy
- Emirates signs agreement with Airlink expanding reach in SALeadership & Strategy