The African Continental Free Trade Area (AfCFTA) launched by May 30th. This is a great deal, since it will cover a market of 1.2 billion people and GDP of 2.5 trillion Dollars.
Amr Nassar, Egypt’s Trade Minister, announced the landmark agreement will see about 90% of trade tariffs lifted between the approved countries, which have now totaled at 22. Egypt is the only North African country to approve to the agreement, it will be the trade bloc’s second biggest economy after South Africa, Nigeria, which has Africa’s biggest economy is opposed to the agreement. It’s believed it will do more harm than good to its oil dependent economy.
After July 7th African summit, AfCFTA will hopefully boost internal trade between member countries by 52% annually. It will be the world’s second biggest free trade zone after the European Union.