Continent-Wide Market: African Free Trade Zone Takes Effect - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
May 30, 2019
An African free-trade zone came intoforce Thursday; a step toward creating what the African Union hopes will be acontinent-wide market of 1.2 billion people worth $2.5 trillion.
The African Continental Free TradeArea had been ratified by 22 countries by April 29, the requisite number forformally notifying the AU. That paved the way for it to take effect 30 dayslater as stipulated in its statutes.
The agreement’s operational phase isto be launched on July 7 at an AU summit in Niger. There are still a number ofoutstanding issues to be resolved, including arbitration measures, certifyingthe origins of goods, tackling corruption and improving infrastructure.
Fifty-two of the AU’s 55 memberstates have signed the agreement to establish the free trade area since March2018, with the notable exception of Nigeria, the largest economy on thecontinent.
But some of Africa’s other economicheavyweights — including Ethiopia, Kenya, Egypt and South Africa — are amongthe 24 nations that have formally ratified it. In the last month, Zimbabwe andBurkina Faso joined the fold.