AfCFTA current update

  • February 28, 2023 By FetehM
  • Time to read 1 minute
AfCFTA website

AfCFTA website

The African Continental Free Trade Area (AfCFTA) is a major initiative that seeks to create a single market for goods and services across Africa. It was launched on January 1st, 2021, and since then, it has been making significant progress in promoting intra-African trade and economic integration. In this blog, we will discuss the AfCFTA, its benefits, and the current updates.

What is the AfCFTA?

The African Continental Free Trade Area (AfCFTA) is a trade agreement among 55 African Union (AU) member states that seeks to create a single market for goods and services, as well as promote free movement of people and investments across the continent. The agreement was first signed in March 2018, and it officially entered into force on January 1st, 2021.

Benefits of the AfCFTA

The AfCFTA aims to bring several benefits to African economies, including:

  1. Boosting intra-African trade: By removing trade barriers, the AfCFTA aims to increase trade between African countries, which is currently low compared to other regions.

  2. Creating jobs: The AfCFTA is expected to create millions of jobs across the continent, especially in the manufacturing and service sectors.

  3. Encouraging foreign investment: The AfCFTA provides a larger market for businesses, which can attract more foreign investment to Africa.

  4. Promoting industrialization: The AfCFTA aims to promote industrialization in Africa by providing a larger market for African goods, which can encourage local production and value addition.

Current Updates on the AfCFTA

Since its launch, the AfCFTA has made significant progress, including:

  1. Implementation of the trade agreement: Many African countries have started to implement the AfCFTA agreement, including the removal of tariffs on certain goods.

  2. Establishment of the AfCFTA Secretariat: The AfCFTA Secretariat was officially launched in Accra, Ghana, in August 2020. The Secretariat is responsible for implementing the AfCFTA agreement and overseeing its operations.

  3. Ratification of the agreement: As of March 2023, 55 African Union member states have signed the AfCFTA agreement, and 41 have ratified it. The remaining countries are expected to ratify the agreement soon.

  4. Launch of the AfCFTA digital platform: The AfCFTA digital platform was launched in January 2021 to facilitate trade among African countries. The platform provides a database of African products and services, as well as information on trade regulations and procedures.

Conclusion

The AfCFTA is a significant initiative that seeks to promote economic integration and boost intra-African trade. Since its launch, the AfCFTA has made significant progress, including the implementation of the trade agreement, the establishment of the AfCFTA Secretariat, the ratification of the agreement by many African countries, and the launch of the AfCFTA digital platform. These developments are expected to bring several benefits to African economies, including job creation, foreign investment, and industrialization.