Africa is entering a new era of economic integration with the African Continental Free Trade Area (AfCFTA). Spearheaded by the African Union, this initiative aims to transform the continent into a genuine regional economic powerhouse.
Definition
The AfCFTA is an agreement between African countries to create a single single market for goods and serviceswith free movement of people and capital. Officially launched on January 1, 2021it brings together 54 countries out of 55, making it the world's largest free-trade zone.
Main objectives
- Removing trade barriers
- Promoting intra-African trade
- Accelerating industrialization
- Strengthening the competitiveness of African companies
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