African Continental Free Trade Area (AfCFTA)
ConceptAbout
The African Continental Free Trade Area (AfCFTA) is a landmark trade agreement aimed at fostering economic integration across Africa. It brings together the 55 member states of the African Union (AU) and eight Regional Economic Communities (RECs) to create a single market for goods and services. The agreement seeks to eliminate trade barriers, boost intra-African trade, and enhance Africa's trading position globally. By promoting free movement of persons, capital, and natural resources, AfCFTA aims to deepen economic integration and structural transformation across the continent. AfCFTA's objectives include creating a liberalized market, facilitating investments, and laying the groundwork for a future Continental Customs Union. It aims to promote sustainable development, gender equality, and industrialization through regional value chains. The agreement entered into force in May 2019 and trading commenced in January 2021. Protocols cover trade in goods, services, investment, and intellectual property rights. AfCFTA is expected to increase economic growth, reduce poverty, and enhance competitiveness by creating a vast market of 1.3 billion people with a combined GDP of $3.4 trillion.
