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44 nations sign African Continental Free Trade Area pact
26 Mar '18
1 min read
Forty-four African nations recently signed the African Continental Free Trade Area (AfCFTA) agreement, which aims at creating a liberalized market for goods and services across the continent. The agreement, on the lines of the European Union, was signed during the 10th ordinary session of the African Union (AU) Heads of State summit held in Rwanda’s capital Kigali.
The AfCFTA saw the origin of the world’s largest free trade area since the World Trade Organization was formed in 1995, according to global media reports.
If all 55 AU member states ratify it, the agreement will bring together an estimated 1.2 billion people with a combined gross domestic product of more than $2 trillion.
Nigeria did not sign agreement, because President Muhammadu Buhari may reportedly have succumbed to pressure from local labour unions and big corporations who oppose the treaty, saying it would harm the local economy. (DS)
The AfCFTA saw the origin of the world’s largest free trade area since the World Trade Organization was formed in 1995, according to global media reports.
If all 55 AU member states ratify it, the agreement will bring together an estimated 1.2 billion people with a combined gross domestic product of more than $2 trillion.
Nigeria did not sign agreement, because President Muhammadu Buhari may reportedly have succumbed to pressure from local labour unions and big corporations who oppose the treaty, saying it would harm the local economy. (DS)
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