African Continental Free Trade Area -AfCFTA Agreement

CSI Ghana > Blog & News > Innovations > African Continental Free Trade Area -AfCFTA Agreement

CSI Ghana Innovations April 1, 2021 , , , , , , ,

The African Continental Free Trade -AfCFTA is the African continent’s most ambitious integration initiative, embedded in the Agenda 2063 of the African Union, whose main objective is to create a single continental market for goods and services with free movement of people and investments, thus expanding intra-African trade across the continent, enhancing competitiveness and supporting economic transformation in Africa.

The AfCFTA is expected to increase intra-Africa trade from an existing level of about 13% to 25% or more through better harmonisation and coordination of trade liberalisation. This will be driven forward by the complementary Single African Air Transport Market and the Protocol on Free Movement of Persons.

Markets for products and services when in place will increase sustainable investments and jobs which is critical to sustainable development on the continent.

African Continental Free Trade Area – AfCFTA. Source: EU

 

 

AfCFTA Facts

Signatories:
54 out of 55 African Union Member States
Ratifications:

31 African Union Member States

AfCFTA negotiations launched: 
15 June 2015, Johannesburg
AfCFTA Treaty signature:
21 March 2018, Kigali

Formal entry into force:
30 May 2019

Operationalisation phase launched: 
7 July 2019, Niamey

Trading under the AfCFTA commenced on:
1 Jan 2021

Negotiations coordinated by:
African Union Commission, Department of Trade and Industry

Geographical coverage:
Africa Union and its Member States.
The AfCFTA complements existing regional trade agreements in Africa
Agreement:
features protocols on trade in goods, trade in services, investment, intellectual property rights, competition and dispute settlement
Institutions:
AfCFTA Secretariat, Accra, Ghana being established with an interim- Secretariat within the African Union Commission, Addis Ababa, Ethiopia

Data: 
African Union Trade Observatory
AfCFTA video:

What is the AfCFTA?

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