The African Union summit in Niamey brought together heads of state in the continent to launch a continental free-trade zone that, if successful, would unite 1.3 billion people and create a $3.4 trillion economic bloc. So far, 54 African State agreed on the accord setting up the African Continental Free Trade Area (AfCFTA), which would help scrap most tariffs and other commercial barriers in the African continent and usher a new era of development. The agreement now includes 54 signatories, after Benin and Nigeria joined the accord on Sunday during the summit. In total, 27 countries including Kenya, Ghana, Gambia and Gabon have ratified the pact that came into force in May 2019. The IMF in a May report described a free-trade zone as a potential “economic game changer” of the kind that has boosted growth in Europe and North America

Source: The North Africa Journal July 08, 2019 10:06 UTC