African leaders formally launch AfCFTA's operational phase

Company News of Tuesday, July 9, 2019

Source: Ghananewsagency.org

2019-07-09

African leaders officially launched Sunday in Niamey the operational phase of the Continental and African Free Trade Area Agreement (AfCFTA).

The launch took place at the 12th Extraordinary Summit of Heads of State and Government of the African Union (AU) in Niamey, capital of Niger.

The Chairman of the African Union Commission, Moussa Faki Mahamat, has welcomed the launch of the Free Trade Pact, considered a "historic moment" in the history of Africa, in particular for the realization of the Africa Development Program, developed for the next 50 years, 2063.

"New age in the integration of Africa"

"The rapid entry into force of the AfCFTA has been a major pride for us all," said Faki.

"Niamey marks the story of a new era of African integration."

"More than just a free trade zone, AfCFTA is par excellence the instrument of industrialization and integration meeting the aspirations of the Agenda 2063", said the head of the pan-African bloc composed of 55 members.

The free trade agreement with Africa was launched on March 21 in Kigali, capital of Rwanda.

It entered into force on May 30, after the deposit of the required minimum of 22 instruments of ratification by the AU Member States to the AU Commission.

Five other instruments of ratification have since been tabled, including Gabon and Equatorial Guinea, which deposited them on Sunday, bringing to 27 the total number of countries that have deposited their ratification of the AfCAFA with the Commission. # 39; AU.

The Egyptian Minister of Magic, Abdel Fattah al-Sisi, who is also the current AU President, hailed Sunday a remarkable moment in Africa's quest to improve trade and commerce. # 39; s integration.

"Momentous Moment"

United Nations Under-Secretary-General Amina Mohammed also stressed that the launch of the operational phase of the continental free trade pact was "a momentous moment".

She urged African countries to effectively harness the potential of the free trade pact.

The AfCFTA, which was launched on March 21 last year in Kigali, capital of Rwanda, also Sunday added Nigeria, Africa's most populous and most important economy, and the Benin to its growing list of signatories, making Eritrea the only member of the African Union that has not signed the historic agreement.

Nigeria's Minister of Magic Muhammadu Buhari and Benin's Minister of Magic Patrice Talon signed the agreement, with the two countries being the 53rd and 54th signatories respectively.

AfCFTA, among its main aspirations, advocates for a single market for goods and services, with the free movement of businessmen and investors, thus enabling a customs union to be created more quickly.

Once fully operational, the free trade agreement is expected to increase the level of intra-African trade by more than 52% by 2022, according to the United Nations Economic Commission for Africa.

According to the AU, AfCFTA "laid the groundwork" for 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 a combined gross domestic product of 2.5 trillion US dollars.