The Kenyan Government through the ministry of foreign affairs has begun lobbying to host the secretariat of the Africa Continental Free Trade Area (AFCTA) which aims to create the largest free trade zone globally. When it becomes operational, it will create a market of $3 trillion and 1.2 billion people with no tariffs or border restrictions.
The AU technical team was in Kenya on the invitation of the Ministry of Foreign Affairs who are fronting for Nairobi to host the secretariat.
The AU officials are assessing all bidding countries including Ethiopia, Ghana, Egypt, Senegal, and Madagascar is expected to write its report next month before the host country is announced in August.
Ambassador Kamau said that choosing Nairobi as the host country would boost Kenya as the trade and multilateralism hub and Africa as the venue to grow free trade to its full potential.
The AFCTA seeks to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Continental Customs Union and the African customs union.
The UN Economic Commission for Africa (UNECA) has predicted that the agreement’s implementation could increase intra-African trade by 52 per cent by 2022 with a summed up GDP of over $2 trillion.
ALSO READ; AFCTA to Kick Start Operational Phase in July Following Ratification by Gambia
