African free trade zone gets final needed approval
Parliament of Gambia approves ratification of massive new $3 trillion African Continental Free Trade Area agreement
ADDIS ABABA, Ethiopia
With Gambia’s ratification, a massive new African free trade zone is springing into being, said a top African Union official on Tuesday.
The African Continental Free Trade Area (AfCFTA) “market is being born and is one step ready for
“The AfCFTA’s work on rules of origin; tariff concessions, payments
The deal will make Africa the world’s largest free trade area created in terms of the number of participating countries since the World Trade Organization was formed in 1995.
It will create a market of $3 trillion and a market of 1.2 billion people with no tariffs or border restrictions.
Twenty-two countries are required to ratify the deal, and Ethiopia and Gambia took the deal over the line.
Intra-African trade accounts for around 16 percent of the continent’s total trade, according to the African Union, and under the AfCFTA this could increase by half.
* Writing by Zehra Nur DuzAnadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.