As of last week, there is a new global trade player, the African Continental Free Trade Area (AfCFTA). On Mar. 21, 44 African heads of state and government officials met in Kigali, Rwanda, to sign the framework to establish this initiative of the African Union.
The AfCFTA will come into effect 30 days after ratification by the parliaments of at least 22 countries. Each country has 120 days after signing the framework to ratify.
This will be one of the world’s largest free-trade areas in terms of the number of countries, covering more than 1.2 billion people and over $4 trillion in combined consumer and business spending if all 55 countries join. Here are four things you need to know about the AfCFTA.
But what is the AfCFTA and how did it come about? Read more