According to the World Bank, AfCFTA will create the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. It has the potential to lift 30 million people out of extreme poverty.
Achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.
Phase One will include protocols on Trade in Goods; Rules & Regulations on Settlement Disputes; and Trade in Services. Phase Two will include protocols on Competition Policy; Investment; and Intellectual Property.
Comments Angel Jones, CEO Homecoming Revolution, “We’re looking forward to the many benefits that AfCTFA brings. It’s not just about intra-African trading of goods and services, but intra-African trading of talent too.”