AfCFTA commences single Africa trading
The African Continental Free Trade Area (AfCFTA) is a free trade area founded in 2018, with trade commencing January 1, 2021.
It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations as a flagship project of the African Union’s Agenda 2063.
AfCFTA creates a market of 1.2 billion people with a combined GDP of $3 trillion.
Trading under the AfCFTA started on Friday, January 1, 2021 in Africa, making it the world’s largest free trade area in terms of participating member states after the formation of the World Trade Organization (WTO).
The AfCFTA Agreement have great economic, trade as well as social advantages for Africa if the African continent advances in infrastructure connectivity.
The secretariat is located in Accra, Ghana.
Ghana’s Minister of Trade and Industry, Mr Alan Kyerematen on January 1, 2021 joined other African leaders including President Nana Akufo-Addo, Cyril Ramaphosa, Mahamodu Issoufou, Faki Mahamat, Wamkele Mene, and African Trade Ministers and Representatives of Strategic Partners in a Webinar ceremony to usher in the start of trading under the AfCFTA.
President Akufo-Addo seized the opportunity to reiterate the call for those member States that have not yet signed and ratified the Agreement to do so in order to increase the size of the market.