The African Continental Free Trade Agreement (AfCFTA) is a historic agreement between 54 African countries that aims to create a single market for goods and services across the continent. The agreement, which was signed in March 2018 and came into effect on January 1, 2021, is expected to boost intra-African trade and drive economic growth.
The AfCFTA is the largest free trade agreement in the world in terms of participating countries since the formation of the World Trade Organization. The agreement aims to create a single market for goods and services across the continent eliminating tariffs and non-tariff barriers to trade.
The AfCFTA has been in the works since 2012, with negotiations beginning in 2015, and was finally signed in March 2018. It is expected to create a market of over 1.2 billion people and a combined GDP of over $3 trillion.
The agreement is expected to have far-reaching effects on the African economy. It is expected to create new jobs in manufacturing, boost agricultural production, and increase access to affordable goods and services.
The AfCFTA has also been hailed as a tool for promoting regional integration and reducing conflict on the continent. By creating a common market, the agreement is expected to increase the interdependency of African countries, promoting peace and stability.
The AfCFTA has its own wiki page that provides detailed information on the agreement, its background, and its potential impact on the African economy. The page provides information on the agreement`s history, objectives, and signatories, as well as its potential benefits and challenges.
As the AfCFTA continues to unfold, it is expected to drive significant changes in the African economy. The agreement is expected to create new opportunities for businesses and investors and contribute to the development of a more integrated and prosperous Africa.