The African Continental Free Trade Area (AfCFTA) agreement, launched on 1 January 2021, connects 1.3 billion people across 55 countries with a combined gross domestic product valued at $3.4 trillion.
The agreement aims to reduce all trade costs and enable Africa to integrate further into global supply chains – it will eliminate 90% of tariffs, focus on outstanding non-tariff barriers, and create a single market with free movement of goods and services.
Cutting red tape and simplifying customs procedures will bring significant income gains. Beyond trade, the pact also addresses the movement of persons and labour, competition, investment, and intellectual property. Read More.