Addis Ababa, February 06, 2020 (FBC) – More than half of the total 55 African countries have ratified the African Continental Free Trade Area (AfCFTA) that will go into force on July 1, 2020, AU Trade and Industry Commission disclosed today.
Briefing journalists on leveraging AfCFTA in silencing the guns in Africa, Trade and Industry Commissioner Muchanga Albert said “28 countries have ratified the agreement and more are expected to deposit instruments of ratification during the upcoming summit.”
He added that establishment of regime on rules of origin, development of schedules of tariff concession in trade in goods, non-tariff barriers monitoring and others are underway to ensure the continental trade is rolled out on time.
“We are working towards deeper integration of African countries and economies,” Muchanga noted.
According to him, AfCFTA broadens the policy space for development and complements the program of silencing the guns in Africa.
He pointed out that poverty and unemployment are some of the key factors that generate social and political tensions. If left to linger they can transform into tension and conflicts.
The Trillion Dollar Investment Framework in Support of AfCFTA Implementation intends to create the first phase of investment framework which the private sector can take advantage of, the commissioner indicated.
Moreover, Muchanga said the framework is currently mobilizing African and global financing partners that control up to 10 trillion USD in combined asset under management.
He emphasized that with AfCFTA the continent will create prosperity, decent employment and social stability opportunities that are required and conducive to permanently silence the guns in Africa.
Source: ENA