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On July 1, 2018, South Africa, Lesotho, Namibia, Burundi and Sierra Leone signed an African Continental Free Trade Agreement, under the theme Winning the fight against corruption: a sustainable path to the transformation of Africa. The meeting was held in Nouakchott, capital of Mauritius.
The agreement will increase intra-regional trade and encourage investment between countries. This is good news for SMEs in the countries that participated in the agreements because it eliminates the monetary obstacles related to the export of goods between countries because the funds are usually one of the main challenges for small businesses
. in the country, which opens up business opportunities in the market and room for small businesses to thrive. It also boosts comparative advantage, encouraging healthy competition. The announcement brings good news to small businesses in the trade industry.
This free trade agreement hopes to achieve economic growth, which should improve the quality of life of citizens, who, in turn, will have more "This agreement is an important step towards the participation of Africa South to a market of more than 1 billion people and will create opportunities and many benefits for South Africa, which will allow South African companies to export goods. and services across the continent. It will contribute to the growth and diversification of our economy and will create jobs and reduce inequality and unemployment, "said South African President Cyril Ramaphosa
44 African countries have initially agreed the free trade agreement on March 21, 2018. The other members (South Africa and Namibia) signed on July 1. It was because they wanted an appropriate consultation and a clarification of the terms of agreement with their governments
Source: Allafrica.com
Image reproduced with l & # Courtesy of: SABC News
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