Launch of Africa-wide free trade zone
June 7, 2019 -- The African Continental Free Trade Area (AfCFTA) is expected to be one of the world’s largest single markets, potentially boosting economic growth across a continent of 55 nations.
If all African nations join, the free trade area will cover more than 1.2 billion people and have a combined GDP of $2.5 trillion.
AfCFTA is meant to eliminate 90 percent of tariffs and create a single market with free movement of goods and services. Full implementation will take years.
The operational phase of the free trade area is expected to be formally launched on July 7 at a summit of the African Union in Niger.