African Continental Free Trade Area (AfCFTA)
Trade agreementAbout
The African Continental Free Trade Area (AfCFTA) is a comprehensive trade agreement aimed at integrating Africa's economies by creating a single market for goods and services. It involves all 55 African Union member states, except Eritrea, and seeks to boost intra-African trade by eliminating tariffs and non-tariff barriers. The agreement entered into force in May 2019 and began operational trading in January 2021. AfCFTA aims to enhance economic integration, promote industrial development, and increase Africa's global competitiveness. AfCFTA's key provisions include tariff liberalization, rules of origin, and protocols on trade in goods and services. It also addresses investment, intellectual property, and competition policy. The agreement has the potential to increase Africa's income by $450 billion by 2035 and lift millions out of poverty. Despite challenges like infrastructure and regulatory hurdles, AfCFTA is a pivotal step towards realizing the African Union's vision of a prosperous and integrated continent.
