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The African Continental Free Trade Area (AfCFTA), is a trade agreement established to facilitate the free movement of goods and services and thus contribute to the development of intra-African trade. Its operational phase will soon begin involving 8 countries of the continent.

These countries include Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania, Tunisia and Ghana, currently hosting the headquarters of this new pan-African institution. The announcement was made earlier this week by Herbert Krapa, Ghana's Deputy Minister of Trade and Industry, quoted by several local sources. However, no date has been set yet.

This launch of the implementation phase, certainly a trial run, is a first milestone towards the African common market, presented by most observers as a formidable lever for accelerating the continent's growth and economic development.

Some 40 African states have formally agreed (or plan to agree) to the implementation of the AfCFTA. With an intra-regional trade rate of less than 18% compared to 50% in Asia and 70% in Europe, Africa will, through this initiative, become the second largest free trade area in the world with a potential market size of 1.3 billion consumers. With a GDP estimated at $3 trillion, Africa will be able to accelerate its internal trade and create more jobs and wealth for its peoples.

Based on a study by the African Union, the AfCFTA will eventually enable the African continent to generate at least 575 billion dollars by 2035, and will reduce poverty by 60%. This launch is much anticipated by Citizens of the Continent, who hope to find jobs in the industries that these future trade exchanges will create.

Source: afrique-info.africa