Guide to Exporting to African Continental Free Trade Area (Simplification of Trade agreements)
Oct 5, 2021
The African Continental Free Trade Area (AfCFTA) is the flagship project of the African Union to realise the aspiration outlined in Agenda 2063, a blueprint for attaining inclusive and sustainable development across the continent. The AfCFTA will bring together all 54 member states of the African Union covering a market of more than 1.2 billion people and a combined gross domestic product (GDP) of more than USD 3.4 trillion. The main objectives of the AfCFTA are fourfold. It will create a single continental market for goods and services, with free movement of business persons and investments, thus paving the way for accelerating the establishment of the Continental Customs Union. It will expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation, as well as instruments across the Regional Economic Communities (RECs) and Africa. It aims to not only resolve the challenges of multiple and overlapping memberships but also expedite the regional and continental integration processes. And last but not least, the AfCFTA is expected to enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access, and better reallocation of resources.