Africa makes progress in pursuit of continental free trade deal
23/03/2018
The agreement was signed at a summit of the African Union in the Rwandan capital, Kigali.
A total of 11 African countries refused to sign the deal, most notably Nigeria and South Africa.
The signatories hope the deal will come into force within six months, but it still requires ratification from their respective national parliaments before it can become a reality.
If formally put in place, the African Continental Free Trade Area (CFTA) would remove barriers to trade, such as tariffs and import quotas. This would make it easier for goods and services to be traded between its members.
According to Reuters, intra-regional trade currently only accounts for 15% of Africa’s total trade.
Share this story:
