Gambia’s parliament has approved the ratification of the Africa Free Continental Agreement (AFCTA), becoming the 22nd country and paving for the way for its enforcement.
African Union’s Commissioner for Trade and Industry, Albert Muchanga has confirmed that ‘the AfCFTA market is ready for the launch of its operational phase in July.
The agreement was enacted last year in Kigali, 52 countries have signed the agreement while 22 have ratified it.
Fifteen countries have submitted their instruments of AFCTA ratification with the AU while seven have received parliamentary approval but are yet to deposit their instruments.
If implemented, AFCTA is expected to create the largest free trade zone globally with a market of $3 trillion and 1.2 billion people with no tariffs or border restrictions.
It is expected to boost intra-African trade by 52% by 2022 and remove tariffs on 90% of goods.
Nigeria,Benin and Eritrea are yet to sign the AfCFTA agreement.
