AFRICA has a reason to smile after the African Free Trade Area Agreement (AFCTA) trading phase began on January 1.
The AFCTA is currently the largest trading bloc in the world, comprising 54 African nations. It is larger than the European Union in terms of geographical expansion and the number of member states.
The AFCTA has several goals including free movement of capital and persons within Africa. It is hoped that a single customs union will be formed and there will be collaborative efforts in industrial development, food security, intellectual property rights and competition.
The AFCTA is the culmination of the African Union’s Vision 2063 where it is hoped that the continent will be united and that there will be a prosperous and peaceful Africa.
The AFCTA provides for progressive liberalisation, which means the process will be done in phases. Liberalisation is supported by removal of tariff and non-tariff barriers
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