After ratification by 22 African countries .. What is the free trade agreement AFCEfta?

Economy and stock exchange

The African Free Trade Agreement enters into force AFCefta Will come into effect at the end of May following the signing and ratification of 22 countries, according to an official statement of the Ministry of Commerce, provides "the seventh day," some important information about the Convention and its impact on Egypt.

What is the Free Trade Agreement?

It is considered to be the most important agreement in terms of the countries involved since the establishment of the World Trade Organization (WTO).

Does the Convention include all African Union countries?

The Free Trade Area (FTA) is a Free Trade Area with a membership of all African Union countries (55 countries), with the aim of removing non-tariff barriers to intra-African trade, thus creating a continental market for all goods and services within the African continent. With a gross domestic product of more than 3 trillion dollars, leading to the establishment of the African Customs Union and the application of the unified customs tariff to the imports of the African continent from abroad.

How does the agreement affect the trade movement in the countries of the continent?

The implementation of the African Free Trade Area Agreement will contribute to the development of the intra-African trade movement, achieve higher rates of African economic growth after removing tariff barriers among African countries, increase industrial growth rates and achieve technological development, enabling the continent's countries to compete in the international economic arena.

In January 2019, the Council of Ministers approved the President's draft resolution on the founding agreement for the Africa-Africa Free Trade Area and its annexed protocols, signed in Kigali, Rwanda, in March 2018.

Related topics

(t tags) t-trade (t) t Africa (t) economy t (t) t economy t (t) t Egypt bourse t