On the 1st of January 2021, the African Continental Free Trade Area came into operation. It aims to significantly accelerate growth of intra-Africa trade and use trade more effectively as an engine of growth and sustainable development by doubling intra-Africa trade, and strengthening Africa’s common voice and policy space in global trade negotiations.

Trading under the Agreement began on 1 January 2021. The decision to establish the AfCFTA was made by the African Union’s Assembly in January 2012, The Summit also endorsed the Action Plan on Boosting Intra-Africa Trade (BIAT) which identifies seven clusters: trade policy, trade facilitation, productive capacity, trade related infrastructure, trade finance, trade information, and factor market integration. The AfCFTA will cover a market of over 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion, across all 55 member States of the African Union. At full strength, it will be the world’s largest free trade area since the formation of the World Trade Organization (WTO). According to the World Bank, the trade pact could boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035.

Find out more about the AfCFTA @ https://au.int/en/videos/20210101/afcfta-start-trading-ceremony-webinar