Addis Ababa,Jnuary 1/2020(ENA) African Union Chairperson Cyril Ramaphosa and Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA).
PM Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional integration, where minds are open to ideas and markets are to trade. Trade defuses the most fraught relations and integrated markets generates prosperity.”
African Union Chairperson and South African President Cyril Ramaphosa said, “I wish to congratulate AU member states and state parties to the African Continental Free Trade Area on the historic commencement of trading. The vision of founders of the OAU has come to fruition. The dreams of an economically integrated Africa have finally been realized.”
Furthermore, he stated that the AfCFTA will fundamentally change the economic fortunes of the continent.
The trading under the AfCFTA started today, which is a historic milestone for the continent as Africa will really start to trade with Africa.
Under AfCFTA trading, tariffs on various commodities where rules of origin have been agreed will be drastically reduced and traders of all sizes will have access to a much bigger market than they used to before.
The Agreement establishing the AfCFTA was signed in March 2018, in Kigali Rwanda, following conclusion of the main legal texts.
54 Member States of the African Union have signed, and 30 countries have deposited their instruments of ratification with the Chairperson of the African Union Commission.
The main objectives of the AfCFTA are to create a single market for goods and services, facilitate the movement of persons, promote industrial development and sustainable and inclusive socio-economic growth, and resolve the issue of multiple membership, in accordance with agenda 2063.
It also lays a foundation for the establishment, in future, of a Continental Common Market, it was indicated.