The African Continental Free Trade Area (AfCFTA), the African Union’s flagship project for the continent’s economic integration, came into effect on Thursday with the aim of increasing intra-African trade by 60% before 2022, announced the AU. The African Union (AU) hopes the agreement will create a continental $2.5 trillion market of 1.2 billion people and will be the biggest of its kind worldwide. “This is a historic milestone!” tweeted Albert Muchanga, AU commissioner for trade and industry. The long-term goal of the AfCFTA agreement is to drastically increase intra-African trade, which remains so weak. Cross-border trade should become simpler and cheaper, and small and medium-sized enterprises in particular are set to benefit.

Source: The North Africa Journal May 31, 2019 13:07 UTC