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African Union to implement AfCFTA agreement after Gambia’s ratification
- April 3, 2019
- 0 comments
- Demola
- Posted in EconomyNews
Gambia’s parliament on Tuesday approved the Africa Continental Free Trade Agreement (AfCFTA), becoming the 22nd nation to do so, and effectively meeting the minimum threshold for the agreement to come into force.
The AfCFTA which was enacted last year, seeks to create the largest trade zone in the world, increase intra-African trade by 52% by the year 2022 and remove tariffs on 90% of goods.
African Union’s Commissioner for Trade and Industry, Albert Muchanga led celebrations of the historic achievement, posting on his office Twitter account that ‘the AfCFTA market is ready for launch of its operational phase in July this year’.
A summary of AfCFTA’s progress
- 52 countries have signed the AfCFTA agreement
- 22 countries have ratified the agreement as of April 2,2019
- 15 countries have deposited their instruments of AfCFTA ratification with the AU
- 7 countries including Gambia have received parliamentary approval for ratification but are yet to deposit instruments with AU.
- Eritrea, Nigeria and Benin are yet to sign the AfCFTA agreement
- The AfCFTA Agreement will enter into force, 30 days after the required number of ratifications have been deposited with the AU.
Source: AfricaNEWS
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