The African Continental Free Trade Area (AfCFTA)


The African Continental Free Trade Area (AfCFTA) is a free trade area, established by the African Continental Free Trade Agreement, that aims to create a single market for goods and services among the member countries of the African Union (AU). The agreement was signed in March 2018 and came into effect on January 1, 2021.

The AfCFTA covers 54 African countries with a combined population of over 1.2 billion people and a total GDP of more than $3 trillion. The agreement seeks to eliminate tariffs on goods and services traded among member countries, and to reduce non-tariff barriers such as customs delays, excessive paperwork, and corruption.

It’s officially started in January 2021. In the past year, several aspects of the trade pact are being successfully implemented as negotiations are ongoing in other areas.  According to the Secretary-General of the AfCFTA Secretariat Mr. Wamkele Mene, the process reached several important milestones. He mentioned that 39 state countries ratified the agreement. Over 6000 products have reached to agreement and ready for trade. The AfCFTA also prepared the Protocol on Dispute Settlement. “We’ve made progress, but of course, much remains to be done” Wamkele stated.

The benefits of the AfCFTA are expected to be significant, including increased trade and investment, job creation, and economic growth. However, the agreement also faces several challenges, such as inadequate infrastructure, weak regulatory frameworks, and political instability in some member countries. Addressing these challenges will be critical for the successful implementation of the AfCFTA and for unlocking the full potential of Africa's economic integration.

Comments

Post a Comment

Popular posts from this blog

Best time to travel Africa

Image
  Africa is a vast continent with diverse climate zones and unique attractions. Therefore, the best time to travel to Africa will depend on your interests and the specific region you plan to visit. Generally, the best time to visit most African countries is during the dry season, which is usually from June to October. During this time, the weather is mild, and there is little or no rainfall, making it easier to access game reserves and other attractions. However, it's worth noting that the dry season is also the peak tourist season, which means that prices may be higher, and popular destinations may be crowded. If you are interested in wildlife safaris, the best time to visit East Africa's famous Serengeti National Park and Masai Mara Reserve is during the annual wildebeest migration, which typically occurs from July to September. During this time, millions of wildebeest, zebras, and gazelles move from Tanzania's Serengeti to Kenya's Masai Mara in search of food a...
Read more

10 most attractive countries for investment in Africa

Image
  There are several reasons why it is important to invest in Africa. Africa is one of the fastest-growing regions in the world, with an average GDP growth rate of over 4% per year over the last decade. Investing in Africa can provide access to a growing consumer market and new business opportunities. Africa is home to a wealth of natural resources, including oil, gas, minerals, and agricultural land. Investment in these sectors can provide a stable source of income for both local communities and foreign investors. Another reason is demographics. Africa has the world's youngest population, with over 60% of its population under the age of 25. This presents a significant opportunity for investment in areas such as education, healthcare, and technology, which can help to unlock the potential of this young workforce. Infrastructure can be a great reason to invest in Africa. The continent is in need of significant infrastructure investment, including transportation networks, energy...
Read more

The remembrance of Adwa

Image
This week Ethiopians celebrated 127th anniversary of victory of Adwa . They celebrated the victory with different kinds of events in all over the country and abroad. The Adwa War, also known as the Battle of Adwa, was a military conflict that took place on March 1, 1896, between the Ethiopian Empire and the Kingdom of Italy. The war was fought in the town of Adwa, which is located in present-day Ethiopia. At the time, Italy was attempting to expand its colonial empire in Africa and had established colonies in Eritrea and Somalia, which bordered Ethiopia. In 1895, Italy launched an invasion of Ethiopia, hoping to establish a protectorate over the country. The Ethiopian forces, led by Emperor Menelik II, mobilized to resist the invasion. Despite being outnumbered and outgunned, the Ethiopian forces were able to defeat the Italian army, which had modern weapons and was supported by European powers. The battle was a significant victory for Ethiopia and marked the first time tha...
Read more