Africa unites to form the largest free trade area in the world

Every single country in Africa, except Eritrea, is now part of the African Continental Free Trade Area (AfCFTA).

Upon implementation, it will be the largest free trade area in the world.

The African Union estimates that AfCFTA will increase trade among African countries by 60% in the next three years.

Only 16% of international trade happens between African economies.

AfCFTA ran into difficulties in 2018 when Nigeria – Africa’s largest economy - pulled out just before signing the agreement.

With Nigeria now onboard, intra-African trade is set to skyrocket.

Free trade agreements are meant to cut or abolish tariffs between member economies.

Arabile Gumede (in for Bruce Whitfield on The Money Show) interviewed Andrew Robinson, Director at Norton Rose Fulbright South Africa.

Robinson said logistics and transportation would be integral to the success of AfCFTA.

Africa needs a “corridor” and a significant focus on building and refurbishing roads and rail systems to allow for the free flow of goods.

Without it, said Robinson, trade is impossible.

For more detail, listen to the interview in the audio below.

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