In a previous post, I highlighted the African Continental Free Trade Area (AfCFTA) that would lead to a 60% boost in intra-African trade by 2022. Well, due to the coronavirus, that has been postponed. The following information comes from Africa News.
The African free-trade agreement will not begin on July 1st because of the pandemic, and as of right now there isn’t a new implementation date. This 55-nation continental free-trade zone would create a $3.4 trillion economic bloc and constitute the largest new trading bloc since the World Trade Organization. Wamkele Meme, Secretary-General of the African Continental Free Trade Area, advised the following:
“It is obviously not possible to commence trade as we had intended on 1 July under the current circumstances.”
However, Meme is confident that the deal will move forward.
“The political commitment remains, the political will remains to integrate Africa’s market and to implement the agreement as was intended.”
To check out the full article, click here. If you have any additional information, feel free to comment below.
Until Next Time…