Liberia President, Joseph Boakai (left) in a handshake with Wamkele Mene (right) is the Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat.
Source: Africa Publicity
Liberia has officially joined the African Continental Free Trade Area (AfCFTA) after becoming the 48th State Party member to submit its instruments of ratification with the African Union (AU).
More than two-thirds of African Union member states are now parties to the AfCFTA.
The Commissioner for Trade and Industry of the African Union Commission, Albert Muchanga, says “universal ramification is closer than ever. We are building one African market.”
AfCFTA is believed to be the world’s largest free-trade area, uniting 55 African nations with a combined gross domestic product of about $3 trillion.
It is a major for continental integration and expansion of intra-African trade, currently estimated at around 16%.
The trade agreement is expected to expand intra-Africa trade by up to $35 billion per year, ease movement of goods, services and people across the continent’s borders and cut imports by $10 billion, while boosting agriculture and industrial exports by 7% and 5% respectively
Trading under the AfCFTA started on January 1, 2021. As at August 14, 2024, 48 African countries have deposited their instruments of ratification.
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