Implementation of the AfCFTA (African Continental Free Trade Area), initially planned for 1st July 2020, has been postponed due to the COVID-19 pandemic.
According to AfCFTA Secretary-General, Wamkele Mene, the launch may be shifted till 1st January, 2021, reiterating that the political commitment remains.
The AfCFTA is a free trade area within the African Continent. It is the largest in the world in terms of the number of participating countries.
The agreement mandates members to remove tariffs from 90% of goods, therefore allowing free access to commodities, goods, and services across the continent. According to the United Nations Economic Commission for Africa, by 2022, the agreement will thus boost intra-African trade by 52%.
The agreement went into force on 30th May 2019, after ratification by 22 of the signatory states. It entered its operational phase in 7th July 2019.
Its implementation will form a $3.4 trillion economic bloc with 1.3 billion people across the continent.
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