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The African Continental Free Trade Area (AfCFTA) is a free trade area founded in 2018, with trade starting January 1, 2021.
It was created by the African Continental Free Trade Agreement between 54 of the 55 African Union countries as a flagship project of the African Union’s Agenda 2063.
The AfCFTA creates a market of 1.2 billion people with a combined GDP of $ 3 trillion.
Trade under the AfCFTA began 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 has great economic, trade and social benefits for Africa if the African continent advances in infrastructure connectivity.
The secretariat is located in Accra, Ghana.
Read also: Ghana hands over AfCFTA Secretariat to AU Commission
Webinar ceremony
On January 1, 2021, Ghana’s Minister of Trade and Industry, Mr. Alan Kyerematen, 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 inaugurate the start of exchanges under the AfCFTA.
President Akufo-Addo took the opportunity to reiterate the call to Member States that have not yet signed and ratified the Agreement to do so in order to increase the size of the market.
Below is a video speech by President Nana Addo Dankwa Akufo-Addo on the launch of the African Single Market.
On January 1, 2021, the Hon. Alan Kyerematen, Minister of Trade and Industry, joined other African leaders, including His …
Posted by Alan John Kwadwo Kyerematen on Friday, January 1, 2021
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