African Trade Agreement

CélinePILON > African Trade Agreement
Non classé / 9 septembre 2021 / Posted by celine

In March, African leaders took a big step forward when 44 of Africa`s 54 nations signed the African Continental Free Trade Area (AfCFTA), the largest trade agreement signed since the creation of the World Trade Organization (WTO). The AfCFTA brings together 1.3 billion people and a combined gross domestic product (GDP) of more than $2 trillion. If ratified by every country, it will become one of the largest trading blocs in the world. Implementation of the AfCFTA, although delayed by the COVID-19 pandemic, is expected to resume in January 2021, with a first focus on trade facilitation for small and medium-sized enterprises, which account for 90% of the jobs created on the continent. But the world the AfCFTA will look at in January will be very different from the world it was designed in. The African Continental Free Trade Area only entered into force when 22 of the signatory countries ratified the agreement, which happened in April 2019, when The Gambia became the 22nd country to ratify it. [67] [68] By August 2020, there are 54 signatories, of which at least 30 have ratified and 28 have deposited their instruments of ratification. [69] [70] [71] The three countries that have ratified their ratifications but have not yet deposited are Cameroon, Angola and Somalia[71][72], although Morocco is also documented as ratified. [73] [74] AU Commissioner for Trade and Industry Albert Muchanga told Africa Renewal that Africa`s free trade agreement will not be a traditional trade agreement focused on reducing tariffs. Instead, the Kigali agreement aims to liberalize the services sector. . .