African nations sign up to free trade area
Print Edition
FORTY-FOUR African countries have signed a pact setting up the African Continental Free Trade Area (AfCFTA) in Kigali, capital city of Rwanda.
The signing took place on Wednesday during the 10th Extraordinary Session of the Assembly of the African Union on the AfCFTA.
The agreement will be submitted for ratification by state parties of the agreement in accordance with their domestic laws.
At the opening session ahead of the signing ceremony, the African Union called the day a “historic day,” which marks a new step in Africa’s march toward greater integration and closer unity.
“Beyond the debates about what some countries might gain or lose in the short term, the truth, statistically established, is that each of our member states and the continent as a whole will benefit immensely from the establishment of the free trade area,” said Moussa Faki Mahamat, chairman of the African Union Commission.
The AfCFTA is the culmination of a vision set forth nearly 40 years ago.
The promise of free trade and free movement is prosperity for all Africans, because Africa is prioritizing the production of value-added goods and services that are “Made in Africa,” said Rwanda’s President Paul Kagame.
The decision to form the AfCFTA was adopted in January 2012. It is aimed at creating a single continental market for goods and services with free movement of investments.
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