AfCFTA is a proposed trade agreement involving all 54 African Union member states. The continental agreement seeks to enhance trade liberalisation, deregulate services and remove tariff and non-tariff barriers. The negotiations were launched in June 2015 and the deal was signed in March 2018 by 44 nations.
Nigerian President Muhammadu Buhari has approved the establishment of a committee to implement the country’s participation in the African Free Trade Agreement.
Analysts and businesspeople in the six-member Central African Economic and Monetary Community say that although the African Continental Free Trade Area brings hope for pan African trade, they are not sure CEMAC will be fully implemented anytime soon.
Members of the Lower House approved the agreement establishing a Tripartite Free Trade Area among the Common Market for Eastern and Southern Africa, the East African Community, and the Southern African Development Community.
Some manufacturers in Nigeria say that wading into the continental market could undermine local players and have negative implications.
The preparation of the AfCFTA represents a waste of time and resources for the African States that will reduce the resources which should be concentrated on economic and political strengthening of the Regional Economic Communities.
African leaders launched a continental free-trade zone that, if successful, would unite 1.3 billion people and create a $3.4 trillion economic bloc.
Nigeria will sign an Africa free trade agreement at the coming African union summit, according to a statement posted on the Nigeria presidency’s Twitter feed.
Only one set of trade deals will need to be negotiated with the AfCFTA—as opposed to fifty-five intricately-crafted trade deals with each small African economy.
The European Union Commission fully supports the African Continental Free Trade Agreement (AfCFTA) and is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa.
“Africa needs not only a trade policy, but also a continental manufacturing agenda,” Buhari said. “Our vision for intra-African trade is for the free movement of made-in-Africa goods."
Rules of origin must be simple, transparent, business-friendly and predictable to work, said UNCTAD.
Africa is moving towards a more integrated, rules-based trade regime, but this is unlikely to transform the continent’s economic prospects
Nigeria’s failure to sign the Africa Continental Free Trade Area (AfCFTA) agreement may hold the continent back on its economic prosperity drive, the African Development Bank (AfDB) has said.
In 2018, SA and other African nations signed the CFTA agreement, which aims to create a single continental market for goods and services
The African Continental Free Trade Area Agreement is one of the most ambitious projects of the African Union, and it is now, miraculously, in force. But that’s just the first step. The next phase will be crucial negotiations about the operational framework.
The African Continental Free Trade Area (ACFTA) will be launched on 7 July 2019 in Niamey, Niger, by the Heads of State and Government at an extraordinary summit of the African Union.
Rather than making drastic structural changes to the systems of production within Africa, the AfCFTA may intensify the ‘race to the bottom’ between working classes on the continent.
China is planning to capitalize on AfCFTA to connect African and Chinese markets to promote the free movement of goods, persons, capital and technologies.
African Continental Free Trade Area expected to pave way for Turkish businesses in to grow on continent
The African Continental Free Trade Agreement (AfCFTA) became a binding international legal instrument, even though critical parts of the agreement are yet to be completed.