The African Union Commissioner for Trade and Industry, Albert Muchanga, says although some countries have reservations on signing the African Continental Free Trade Area agreement (AfCFTA), another summit will be held in Mauritania in July – where those countries can make their choice.
Leaders from 44 African countries on Wednesday signed the deal in Rwanda – an agreement which will create one of the world’s biggest trade blocs.
South Africa is one of the countries that have signed the declaration on establishing a free trade region in Africa. President Cyril Ramaphosa says the Free trade Agreement agreement will present major trade and investment opportunities for African countries.
Ramaphosa has described the signing of the much vaunted continental trade treaty as historic and monumental achievement for intra-African trade.
“When we sign its gonna be like a new dawn for the African continent. We will herald a real new beginning as Africa begins to demonstrate that it’s a continent of traders who want to succeed and in our case its about to be an opportunity to be able to grow our economy in the biggest possible way.”
According to estimates, the AfCFTA treaty is meant to bring together fifty-five African countries with a combined population of more than one billion people and a combined gross domestic product of more than 3.4 trillion US dollars.
President Cyril Ramaphosa signs the Kigali Declaration on the establishment of the African Continental Free Trade Area at the 10th Extraordinary Summit of the Assembly of the African Union
in Kigali, Rwanda. pic.twitter.com/Cn8V7wF79P
— PresidencyZA (@PresidencyZA) March 21, 2018
Traveled to Kigali, #Rwanda ??, where I will join other @_AfricanUnion leaders in the signing of the #AfCFTA agreement that will create a continental free trade area #TheAfricaWeWant | #Agenda2063 #Africa ? @WilliamsRutohttps://t.co/3SZ6YWqr1r pic.twitter.com/zuYPshz5Ke
— Uhuru Kenyatta (@UKenyatta) March 21, 2018