Sunday, January 3, 2021
Trading began in the African Continental Free Trade Area (AfCFTA) on January 1, 2021, launching the largest Free Trade Area in the world.
The AfCFTA will cover a market with 1.2 billion people and a combined GDP of $3 trillion. 54 of the 55 African Union member states (all but Eritrea) had signed the agreement establishing the AfCFTA and 33 of those countries have deposited their instruments of ratification.
The agreement will eliminate tariffs on 90% of intra-Africa goods. It is expected to aid in the movement of capital and people between countries. It is also expected to reduce non-tariff barriers by expediting customs procedures.
And here is a video with further information about the AfCFTA.
Hat tip to Toyin Umesiri.