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African Continental Free Trade Area (AfCFTA)
March 24 , 2018
2310 days
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- The 44 African countries out of 55 members of African Union (AU) have signed agreement to create African Continental Free Trade Area (AfCFTA), one of the world’s largest free trade blocs.
- The agreement was signed at a summit held in Kigali, Rwanda. The signed AfCFTA agreement contains legal framework for free trade area.
- It will come into force after it is ratified by individual countries through their respective domestic processes.
- 10 countries including Nigeria, Africa’s largest economy and most populous country have refused to sign the agreement.
- Once AfCFTA becomes reality, it will be largest free-trade area in terms of participating countries since the formation of the World Trade Organization (WTO).
- African heads of government agreed to establish a continental free trade area in 2012 and started negotiations in 2015 to boost intra-Africa trade.
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