African countries opened their markets on 1 January under the continental free trade agreement and duty-free trading of goods and services across borders is now underway despite the COVID-19 pandemic and other teething problems.
The new market, created under the African Continental Free Trade Area (AfCFTA) agreement is estimated to be as large as 1.3 billion people across Africa, with a combined gross domestic product (GDP) of $3.4 trillion. This has a potential of lifting up to 30 million Africans out of extreme poverty, according to the World Bank.
“This is not just a trade agreement, this is our hope for Africa to be lifted up from poverty,” said Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, at the virtual launch event.
It is also expected to boost intra-African trade, promote industrialization, create job, and improve competitiveness of African industries on the global stage. Read More.
