By Kevin Mwanza
It’s the largest trade bloc in the world since the creation of the World Trade Organization. The African Continental Free Trade Agreement (AfCFTA) was officially launched on May 30 after several years of negotiations.
It brought together all but one nation on the continent under a trading umbrella. Eritrea is the only non-signatory to the accord in the 55-member bloc but said it would consider signing the agreement in the future.
AfCFTA has been touted as “a game changer”. Its trade terms cover more than 1.2 billon people and more than $3 trillion in gross domestic product. It promises to unlock Africa’s economic potential by improving trade terms amongst nations on the continent and helping countries focus on their strong areas in agriculture, industry and services.
The trading bloc will be headquartered in Accra, Ghana.
Under the trading bloc, 90 percent of goods will be liberalized over the course of five-to-eight years. This is estimated to lead to a 52-percent increase in Click here to read entire article