AfCFTAAfrican Continental Free Trade Area (African Continental Free Trade Agreement)
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As we launch the implementation phase of the African Continental Free Trade Area (AfCFTA), we are closer to our ambition of creating a free trade area stretching from Cape to Cairo," he said.
The President was speaking yesterday at the opening of a three-day national conference on the implementation of the AfCFTA, being held at the Accra International Conference Centre.
The United States recognizes the African Union's expression of interest to work closely together to identify ways the United States can cooperate on the development of the AfCFTA.The United States recognizes that one of the African Union's principal aims is to promote sustainable development as well as the integration of African economies.
Buhari affirmed that Nigeria's commitment to trade and African integration was neither in doubt nor was it ever under threat, promising that the country would build on the event by proceeding expeditiously with the ratification of the AfCFTA. His words: ''I have just had the honour of signing the agreement establishing the African Continental Free Trade Area (AfCFTA), on behalf of my country, the Federal Republic of Nigeria.'
According to Moody's, the regional pact, which aims to create a single African market for goods and services, could boost intraregional trade that remains far lower than in developing Asian countries."There is significant potential for further trade integration in Africa, which the AfCFTA could stimulate," said Colin Ellis, Moody's managing director, credit strategy earlier.
Al-Sisi added that the AfCFTA will reinforce the African negotiating position on the international stage, adding that it is necessary to strengthen partnership with the private sector, and that the continent should also direct its efforts toward boosting foreign direct investments and developing a strong infrastructure for transport to include roads, railways, and ports.
After years of painstaking negotiations, efforts to implement an African Continental Free Trade Area (AfCFTA) are finally gathering steam.
President Beji Caid Essebsi highlighted Tunisia's commitment to strengthen its African belongingness and improve its relations with all countries of the continent, stressing the importance of the agreement to create the African Continental Free Trade Area (AfCFTA) for the African economic integration.
The African Union (AU) Assembly estab- lished a special structure, the Continental Task Force, made up of the AU Commission and the Regional Economic Communities (RECs) to support the AfCFTA negotiations, and COMESA was an important contribu- tor its meetings.
On a continuous basis, and working closely with its partners in the Tripartite Free Trade Area--the East African Community (EAC) and Southern African Development Community (SADC)--COMESA has ensured that the AfCFTA does not unravel the progress achieved at the REC level.
Once it enters into force, the AfCFTA will build an integrated market for the cross-border movement of goods, services, people, capital, and ideas covering more than one billion people, with a combined gross domestic product of more than $3 trillion.