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The Continental Free Trade Agreement would create a market of more than 1.2 billion people if all African countries joined
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The Executive Council of the African Union has accepted the candidacy of Ghana to host the secretariat of the African Continental Free Trade Area (AfCFTA), a source in the Ghanaian delegation at the current summit in Niamey, said Niger.
According to the source, the decision was recommended to Heads of State and Government for approval on Sunday, July 7.
Leaders at the African Union Summit in Niger will also set a date for the start of trade in the African Continental Free Trade Area, an agreement signed by 52 of the continent's 55 states, though only 25 have ratified it .
The block ultimately aims to eliminate trade barriers and tariffs among members.
The agreement aims to create a single continental market for goods and services, with free movement of goods, people and investments, similar to the European Union.
This should will finally bring together the continent's 1.27 billion people and its nominal gross domestic product of $ 3.4 trillion.
Experts say this will boost trade in Africa and strengthen the continent's position in global trade.
The United Nations Economic Commission for Africa estimates that this agreement could potentially boost intra-African trade by 53%.
Currently, Africa is negotiating much less with itself than with the rest of the world.
The African Union said that if all countries sign, it would become the largest free trade area since the establishment of the World Trade Organization.
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