Albert Muchanga
Six more African Union (AU) member-states are expected to deposit their instruments of ratifications of the African Continental Free Trade Area (AfCFTA) with the African Union (AU), a senior AU official said on Thursday.
The African Continental Free Trade Agreement (AfCFTA) is a trade agreement between 49 African Union (AU) member states, with the goal of creating a single market followed by free movement and single-currency union.
The AfCFTA was signed in Kigali, Rwanda on 21 March 2018.
The recent moves by the six countries will increase the number of ratifications to 17, and only five more ratifications are needed for the AfCFTA to come into force, the AU Commissioner for Trade and Industry, Albert Muchanga, told a press conference at the AU headquarters in Addis Ababa.
Eleven countries, including Kenya, Ghana, Rwanda, Niger, Chad, Eswatini (Swaziland), Guinea, Cote d’Ivoire, Uganda, Mali, and Namibia have already deposited their instruments of ratifications, while six more namely, South Africa, Sierra Leone, Congo, Togo, Mauritania, and Senegal, are expected to do so during the AU Summit from February 7 to 11, according to the Commissioner.
The agreement establishing the AfCFTA was opened for signature in Rwanda’s capital, Kigali on March 21, 2018, and 49 of the 55 AU member states have so far signed it.
“We expect two more signatures during this summit which will leave only four countries yet to sign,” the AU Commissioner added.
– GNA