The Council of Minister of Ethiopia today approves the African Continental Free Trade Agreement (AfCFTA), which envisages creating the largest common market in the world. Spearhead by the African Union Commission, the AfCFTA was signed 44 member state of the Union in Kigali last March. Tariff removal and cost reduction under the free trade arrangement also reduce production costs and induce economies of scale,” says Africa Trade Report 2018 by the Africa export-import bank. With with concrete targets the AfCFTA also targets to double intra-African trade flows from January 2012 and January 2022, according to the promoter of the continental free trade area – the Africa Union Commission. Currently the share of intra-Africa trade represents 15% of the total trade of the continent.

Source: News Business Ethiopia February 02, 2019 08:48 UTC