In March this year the Rwanda conference of 44 African heads of state produced a framework for trade unity among the 54 African countries. This would make the proposed African Continental Free Trade Area (AfCTA) the world’s largest free trade area since the formation of the WTO.
A free trade area would mean that tariffs on the intra-African trade would be removed. With a population of 1.2 billion people and a GDP of $2.5 trillion, removing trade tariffs could boost trade by 53.2%. Along with the removal of tarrifs would come the removal of customs procedures and excessive paperwork through technical and sanitary standards.
AfCFTA would create a customs union and a single continental market for goods and services, with free movement of capital and business travellers but not people. To read more about the agreement please click here.
At our Meet the Expert event June 15th we will have an Market Expert from Africa present for businesses to meet with, to read more and to register please click here.