The overarching objective behind the AfCFTA is the elimination or reduction of tariff and non-tariff barriers amongst the 54 Countries that agreed to be members of the bloc by providing a single market for goods and services, facilitated by movement of persons in order to deepen the economic integration and prosperity 3 Mar 2021
What are the benefits of AfCFTA?
The agreement aims to reduce all trade costs and enable Africa to integrate further into global supply chains it will eliminate 90% of tariffs, focus on outstanding non-tariff barriers, and create a single market with free movement of goods and services.9 Feb 2021
What are the likely benefits of the AfCFTA to African countries?
The AfCFTA drops 90 percent of tariffs and includes policies aimed at eliminating nontariff barriers, such as customs delays, so the aggregate long-term benefits of AfCFTA are likely to be substantial and larger than potential losses; however, some countries and sectors will likely be impacted negatively in the short 22 Sept 2021
Is South Africa part of AfCFTA?
The Agreement establishing AfCFTA came into force on 30 May 2019 and, so far, 30 countries on the continent have ratified the Agreement. As a member of the AU, South Africa endorsed the AfCFTA negotiations when they were launched during the 24th AU Assembly in June 2015, in South Africa.11 Nov 2021
Is Nigeria part of AfCFTA?
Nigeria—the largest economy in Africa—signed the AfCFTA on July 7, 2019, becoming the 34th member of the trading bloc.22 Sept 2021
Is Tanzania a member of AfCFTA?
The AfCFTA is one of the flagship projects of Africa's Agenda 2063 and a major step towards African continental economic integration. Tanzania fully participated in and signed for its establishment.18 Jan 2022
Is Botswana part of AfCFTA?
Botswana became the 51st country to sign the AfCFTA in February 2019.10 Oct 2021
How many countries have signed the AfCFTA Agreement?
The Agreement entered into force on 30 May 2019 for the 24 countries that had deposited their instruments of ratification by this date. The operational phase of the AfCFTA was launched during the 12th Extraordinary Session of the Assembly of the Union on the AfCFTA in Niamey, Niger on 7 July 2019.13 Jul 2021
How many African countries have signed the AfCFTA?
The number of countries that ratified the African Continental Free Trade Area (AfCFTA) agreement has increased to 40 with the recent ratification of Zambia, Malawi, Algeria and Burundi, a top official told reporters on Friday, July 9. Secretary-General Wamkele Mene was addressing his second quarterly press briefing.12 Jul 2021
How many countries have ratified the AfCFTA 2021?
36 countries
Which African country is not part of AfCFTA?
The only country still not to sign the agreement is Eritrea, which has a largely closed economy. As of 9 September 2021, 38 of the 54 signatories had deposited their instruments of ratification with the chair of the African Union Commission, according to the Tralac Trade Law Centre.12 Jan 2022
What are the challenges AfCFTA is facing?
The African Continental Free Trade Area (AfCFTA) began on New Year's Day 2021. It aims to bring continent-wide free trade to 1.3 billion people in an $3.4 trillion economic bloc. But challenges including poor road and rail links, political unrest, and excessive border bureaucracy will not disappear overnight.5 Jan 2021
What is the biggest disadvantage of free trade?
There can be fewer revenue generation opportunities in free trade. Higher competition levels can create lower revenue potential in the industries impacted by free trade the most. Some firms, such as Walmart, are large enough to operate on a massive scale so that they can avoid this disadvantage.