AfDB donates Madagascar $1.5m to help join AfCFTA
The North Africa Post | 14th June 2023
By The North Africa Post
The African Development Bank has granted Madagascar $1.5 million in view of helping the African country work on its adherence to the African Continental Free Trade Area (AfCFTA), local media “Madagascar Tribune” reported.
The agreement signed between the Abidjan-based continental bank and the ministry of Finance and Economy will reduce tariffs between the zone’s member countries, and address policy issues such as trade facilitation and services, while also covering regulatory provisions. Such as sanitary standards and technical barriers to trade, the media noted.
Madagascar has signed AfCFTA agreement but has not ratified it yet. The free trade area, one of the 13 flagship projects of the African Union, is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs), the continental organization says.
It will progressively eliminate tariffs on intra-Africa trade, making it easier for African businesses to trade within the continent and benefit from the growing African market. The AfCFTA is expected to expand the size of Africa’s economy to US$29 trillion by 2050.