African leaders to launch continent-wide free trade zone

July 8, 2019

Several African heads of state gathered in Niger's capital Sunday to launch a continent-wide free trade area that represents an estimated market of $3.4 trillion US.

The African Continental Free Trade Area aims to create a single unified market for the continent's 1.3 billion people and to boost economic development.

Plans for the free trade zone received a boost last week when Africa's largest economy, Nigeria, became the 25th country to ratify the trade agreement.

The general agreement has been signed by 54 of Africa's 55 countries, with only Eritrea not signing up...

The goal of the new free trade area is to significantly increase trade within Africa. Currently, African countries conduct only 16 per cent of their trade with each other, compared to 65 per cent among European countries, according to the African Union...

This was excerpted from the 7 July 2019 editon of CBC News.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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