The signature of the African Continental Free Trade Area (AfCFTA) Agreement by 54 African Union member states provides an anchor for long-term reforms and integration. The AfCFTA creates the largest free trade area globally measured by the participation of 1.3 billion people across its member states of the African Union with a combined Gross Domestic Product (GDP) valued at USD3.4trn. According to the World Bank, AfCFTA is estimated to lift 30 million people out of extreme poverty and 68 million people out of moderate poverty by 2030. Real income gains from full implementation of the agreement could increase the size of the African economy by 7% (or USD450bn). Read More.
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