Why the African continental free trade area is a game changer for business

January 17, 2021 The Citizen 0 Comments

The African Continental Free Trade Area (AfCFTA) framework agreement came in force on January 1, 2021 following the delay caused by the coronavirus pandemic. All African countries have signed the AfCFTA framework agreement except Eritrea. Thirty-four countries are yet to ratify the agreement including Tanzania. This is an important milestone in the African continent.

The AfCFTA agreement will create the largest free trade area in the world in terms of the number of participating countries. It will bring under a single market 55 countries with a total population of 1.3billion people and a combined GDP of $3.4 trillion, more than that of the UK ($3.25 trillion) which is the sixth largest economy in the world in terms of the GDP. Read More.

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