FEW intergovernmental projects are as ambitious as unifying 54 countries with a combined population of 1.2bn to create the world’s largest free trade area. Yet the African Continental Free Trade Agreement (AfCFTA) has proved successful in rallying all of the African Union member states, except Eritrea, to sign the landmark accord.
As of January 2021, 35 of the 54 signatories have ratified the agreement. Trading under its terms has begun, but much remains to be done before it reaches its full potential.
Hailed by AfCFTA secretary general Wamkele Mene as “a strong signal to the international investor community that Africa is open for business, based on a single rule-book for trade and investment,” the benefits of a free trade area are clear. Eliminating burdensome trade tariffs, harmonising regulatory systems and establishing a single market for goods and services will pave the way for a reshaping of markets across the
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