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ADDIS ABABA, 03 June
(Xinhua / GNA) – The African Union (AU) said that a post-launch of the
The Implementation Plan for the African Free Trade Area Agreement (CAFTA) is underway
preparation of the operational phase of AfCFTA, which should start in
July.
"A post-launch
The AfCFTA Implementation Plan is in preparation and will be submitted to the AU
Trade Ministers during the first week of June this year, "the 55 members
Pan-African bloc said in a statement.
If the ministers of the African Union
The trade is "satisfied with the implementation plan, it will transmit it to
Extraordinary Summit for consideration and adoption in July, the present
year, "the statement said.
The extraordinary AU
Summit is to be held in Niamey, Niger.
AU Commissioner for
Trade and Industry Albert Muchanga urged all members of the African Union to
sign and ratify the agreement by July.
AfCFTA posed
the basis of what could be the largest free trade area in the world by the
number of participating countries, covering more than 1.2 billion people with
Gross domestic product combined $ 2.5 billion, according to the AU.
"By launching the
The African Continental Free Trade Area and by making it work, Africa overcomes
the historical fragmentation and isolation of its economies by opening up huge
business opportunities as well as improved transportation and communication
links between our countries, "said Muchanga.
Noting that AfCFTA
creates "more than a free trade zone", said Muchanga
countries to conclude work on specific commitments on trade in
services and to start negotiations on investment protocols,
competition policy and intellectual property rights ".
African free trade
Once operational, this agreement will reinforce intra-African trade of more than
52% by 2020, according to the UN Economic and Social Report.
Commission for Africa.
GNA
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