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African Heads of State adopt AfCFTA legal framework

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The Heads of State of African Countries have adopted the legal framework that will formally launch the African Continental Free Trade Area Agreement (AfCFTA) next month. The ‘Johannesburg Declaration’, as it will be known, will pave way for fully-fledged intra-continental trade from next month.

The Free Trade Area secretariat is expected to be fully operational from the first of January. Speaking during the AU Extraordinary Session on AfCFTA, Chairperson President Cyril Ramaphosa called on member countries to come up with a protocol that will ensure that women and SMEs benefit from the massive new emerging market.

“We are about to witness the realisation of one of the flagship projects of agenda 2063. The commencement of trading under the AfCFTA on the first of January 2021 is one of the most significant milestones in the continental integration project. The AfCFTA must facilitate greater trade opportunities for women and focus on removing non-tariff barriers to trade.”

Adoption of the legal framework:

The free trade area agreement was supposed to come into effect in July but had to be postponed to 2021 due to the outbreak of COVID-19.

The effective implementation of this agreement could lead to Africa’s mutually beneficial and inclusive growth.

The continental free-trade zone has the potential to create a $3.4 trillion economic bloc for 1.3 billion people across Africa.

 

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