Forty-four African countries have inked a deal that sees the birth of a new trade bloc dubbed The African Continental Free Trade Area Agreement (CFTA) projected to take effect by the end of 2018.
The deal was signed during the 10th extraordinary African Union Summit in Kigali, Rwanda which could easily make Africa the world’s largest free trade zone.
Additionally, 43 nations signed the Kigali Declaration, while 27 countries agreed to ease mobility of people across the continent by signing the protocol on the movement of people across Africa.
Following the signatures, African states will have to ratify the agreement in their respective legislatures to put it into effect. The deal is set to enhancement the level of intra-Africa trade from the current 14% to a projected 52% by 2022.
The deal will also make the continent an ideal international investment destination as well as serve to strengthen political, economic and commercial commitments with various international partners