«This is not just a trade agreement, but our hope to lift Africa out of poverty,” said WAMKELE MENE, the Secretary General of the AfCFTA, at the virtual launch ceremony.
Since January 1, 2021, African countries have officially started trading under the implementation of the African Continental Free Trade Area (AfCFTA), which represents a market of 1.2 billion consumers, and a combined GDP of about US$3 trillion for the 54 member states of the African Union.
This free trade area is seen as an opportunity to accelerate countries’ industrialization and economic integration, supported by plausible openings to capital and consumer markets.
However, whatever the solid foundations of AfCFTA’s objectives, they will remain out of reach if African businesses are not able to take full advantage of the trade and investment opportunities offered by the zone.