AFRICAN CONTINENTAL FREE TRADE AREA PACT GETS CRUCIAL RATIFICATION

Africa Business

The African Continental Free Trade Area agreement has achieved the minimum signatories to allow the landmark trade pact to become operational.

Gambia’s parliament approved the Africa Continental Free Trade Agreement, becoming the 22nd nation that has ratified the agreement.

After Gambia’s ratification, African Union’s Commissioner for Trade and Industry Albert Muchanga, in a tweet, said that operational phase of the agreement will be launched in July.

The Africa Continental Free Trade Agreement was enacted last year to create the largest trade zone in the world.

The agreement, signed by fifty-two countries, would increase intra-African trade by 52 percent by the year 2022 and remove tariffs on 90 percent of goods.

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