ACFTA to Enter into Force in July

Addis Ababa April 30/2019 The African Continental Free Trade Area (ACFTA) will officially enter into force during the next Extra-Ordinary Heads of State and Government summit slated for 7th July 2019 in Niamey, Niger, African Union reported.

AUC Chairperson, Moussa Faki Mahamat, said he had received two more ratifications from member states as the continental body requires 22 member states to deposit their instruments in order for the AfCFTA to take in to effect.

He added that the required 22 ratifications in record time, AfCFTA is now expected to enter in to force by July this year.

The African Continental Free Trade Agreement is expected to create a market for over one billion people, with a GDP of approximately 2.6 trillion USD.

The decision to establish the AfCFTA was initially made at in the 18^th Ordinary Session of the Assembly of Heads of State and Government of the African Union in January 2012, with a tentative launch date of 2017.

Worth noting, however, Nigeria which is Africa’s biggest economy has not ratified the agreement. Last year, the presidency said it needed to engage in more domestic consultation before committing to such a deal.

Other large economies like South Africa and Egypt have, however, ratified the deal.

Moussa Faki commended the Champion of the AfCFTA, Nigerien President Mahamadou Issoufou, for his advocacy to have all AU member states sign and ratify the AfCFTA.

The African Ministers of Trade are scheduled to meet in Kampala, Uganda in the first week of June to review work on the supporting instruments ahead of the Extra Ordinary Summit on the AfCFTA.

AfCFTA aims to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Continental Customs Union and the African customs union.