African Continental Free Trade Area (AfCFTA) is a flagship project of Agenda 2063 of the African Union — Africa’s own development vision. It was approved by the 18th ordinary Session of Assembly of Heads of State and Government, held in Addis Ababa, Ethiopia in January 2012 which adopted the decision to establish a Continental Free Trade Area.
The African Continental Free Trade Area (AfCFTA) will cover a market of 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion, across all 55 member States of the African Union.
The Africa Continental Free Trade Area (AfCFTA) is set to debut on May 30th, according to the World Economic Forum. It is predicted to be one of the world’s largest single markets if every African country participates. Currently, 52 countries have signed the preliminary endorsement, 22 have ratified or gained preliminary approval, and three have not signed the preliminary endorsement.
According to IMF, the African Continental Free Trade Area (AfCFTA) will generate more than $4 trillion in consumer and company spending. Basic simulations that assume the AfCFTA expands and improves the efficiency of goods and labor markets hint to a significant gain in Africa’s overall ranking on the Global Competitiveness Index in the short and medium future.
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