African Continental Free Trade Area Summary (AfCFTA)

The African Continental Free Trade Area (AfCFTA) finally took effect on the 1st of January 2021 as major part of the African Union’s (AU) Agenda 2063 which aims to promote sustainable and inclusive socioeconomic development. It connects 1.3 billion people across 54 countries thus making the AfCFTA the largest free trade area in the world. Ultimately, the agreement is focused on boosting intra-African trade and enhancing Africa’s global trading position through the creation of a single market for goods and services. Further, it is expected to generate employment, enhance industrial development, diversify economies, and increase the competitiveness of African industries.