Africa Free Trade Agreement Wiki

Africa Free Trade Agreement Wiki

The African Free Trade Area (AFTZ) is a free trade area announced at the EAC-SADC-COMESA summit on 22 October 2008 by the heads of the Southern African Development Community (SADC), the Common Market of East and South Africa (COMESA) and the East African Community (EAC). The African Free Trade Area is also known as the African Free Trade Area in some official documents and press releases. CDIC is the largest of the AFTZ members` trading blocs, with a population of approximately 248 million people and an area with a cumulative GDP of $379 billion in 2006. Switzerland (which has a customs union with Liechtenstein, is sometimes in agreements) has bilateral agreements with countries and the following blocs:[41] Nigeria was one of the last countries to sign the agreement. With a population of 200 million, Nigeria is the most populous country in Africa and has about 98 million inhabitants in the most populous countries, Ethiopia and Egypt. With a nominal GDP of $376 billion, or about 17% of Africa`s GDP, it is just ahead of South Africa, which accounts for 16% of the African economy. Given that Nigeria is such an important country in terms of population and economy, its absence at the first signing of the agreement was particularly striking. South African President Cyril Ramaphosa highlighted this in his comments of 12 July 2018, commenting: “The continent awaits Nigeria and South Africa. Through trade between us, we are able to maintain more resources on the continent.┬áSouth Africa signed the agreement later. [52] The 12th African Union extraordinary meeting on AfCFTA was convened to begin the new agreement in its operational phase, held in Niamey on 7 July 2019.

[40] [41] At this summit, Benin and Nigeria signed the agreement, so that Eritrea is the only African state not to be part of the agreement; Since then, Eritrea has applied to join the agreement. Gabon and Equatorial Guinea also tabled their ratifications at the summit. At the time of launch, there were 27 states that had ratified the agreement. [45] [47] [48] [49] List of agreements under negotiation. Agreements that have so far been discussed only in the absence of formal action by the parties concerned are not mentioned. At the same time, efforts were needed to establish a fairer and fairer trading system that focused on the concerns of developing countries, including African countries. The African Continental Free Trade Area only came into force when 22 of the signatory countries ratified the agreement, which took place in April 2019, when The Gambia was the 22nd country to ratify it. [67] In August 2020, there are 54 signatories, of which at least 30 have ratified and 28 have tabled their ratification instruments. [69] [70] [71] The three countries that have ratified their ratifications but have not yet tabled are Cameroon, Angola and Somalia,[71] although Morocco is also ratified.

[73] [74] Note: Any customs union, every common market, every economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area.