History was made as the African Continental Free Trade Agreement legally came into effect at midnight. However, the countries that have signed it have until July to work out the details of how it will work. Only them will we start to see what difference the agreement will make.
The African Continental Free Trade Area Agreement is the African Unions Best Love Letter yet. It not only promises to boost internal trade but also br…
Albert Muchang, the AU's commissioner for trade and industry tweeted on Thursday, "Historic milestone! #AfCFTA Agreement has today come into force. We celebrate the triumph of bold, pragmatic & continent-wide commitment 2 economic integration. We launch to market on 7 July 2019 & begin the journey of transformation 2 secure inclusive prosperity."
Out of the 55 African countries, only 24 have ratified the agreement so far. Burkina Faso signed on Wednesday, becoming the latest country to ratify. Africa's largest economy, Nigeria, is yet to sign the agreement which is aimed at creating a single continental market for goods and services with free movement of goods, people and investments, similar to the European Union. Experts say it will boost intra-Africa trade by 53% and strengthen the continent’s position in global trade.
The African Union says that if all countries signed up it would become the largest free trade area since the formation of the World Trade Organization. However, the African Union's leadership has been compromised, facing numerous allegation of sexual harassment and abuse as well as allegations of elitism. Journalists reported that the African Union was covering up the sexual harassment and abuse of its female employees by the higher-ups. Furthermore, the Pan African Parliament voted in secret to 'bury' sexual harassment allegations against its president.
Africa’s industrialisation should precede free trade. Value chains and some production phases of large corporations from richer states in the continen…
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