Zambia becomes latest country to ratify AfCFTA Agreement

Addis Ababa, February 6, 2021, ECA – Zambia has submitted the instruments of ratification of the African Continental Free Trade Area (AfCFTA) Agreement to the African Union Commission, said AUC President , Moussa Faki Mahamat.

“I was delighted to receive the Ambassador of the Republic of Zambia, HE Emmanuel Mwamba, alongside AU Commissioner Albert Muchamba, who deposited the instruments of ratification of the AfCFTA, making Zambia the 36th member of the AU to fully adhere to the agreement, ”Mahamat said on February 5, 2021.

With Zambia’s ratification, only 18 member states remain to comply with the requirement. These are Benin, Botswana, Burundi, Cape Verde, Central African Republic, Comoros, Democratic Republic of Congo, Guinea-Bissau, Liberia, Libya, Madagascar, Morocco, Mozambique, Seychelles, Somalia, South Sudan, Sudan and Tanzania.

The AfCFTA agreement entered into force on May 30, 2019 after the treaty was ratified by 22 countries – the minimum number required by the treaty.

It offers Africa the opportunity to create the world’s largest free trade area with the potential to unite more than 1.2 billion people in a $ 2.5 trillion economic bloc and usher in a new era of development. It has the potential to generate a range of benefits by supporting trade creation, structural transformation, productive employment and poverty reduction.

Trade officially began on January 1, marking the start of Africa’s journey towards market integration, after being postponed for six months last year following the coronavirus outbreak.

Only Eritrea out of the continent’s 55 countries has yet to sign the agreement.

Zambia’s ratification comes as the country finalizes its national AfCFTA strategy, which will guide its implementation of the agreement.

Through its African Trade Policy Center (ATPC), the Economic Commission for Africa (ECA) has worked with the African Union Commission (AUC) and member states to deepen the trade integration of Africa. Africa and effectively implement the agreement through political advocacy and the development of national strategies.

ECA is also working with the International Trade Center (ITC), the United Nations Conference on Trade and Development (UNCTAD) and independent trade experts with financial support from the European Union to help with implementation. of the agreement.