"Congratulation to The Gambia and Africa.
AfCFTA: Excitement was palpable throughout the region as the dream for a continental free trade area in Africa got the final ratification needed to become a reality on Tuesday 2nd April 2019:
The Gambia became the 22nd African country to ratify the AfCFTA Agreement meaning the bill now has the minimum number of ratifications needed to come into effect. The trade bloc spanning 49 countries with a combined GDP of $3trn, will facilitate inter-regional trade, boost growth and help to alleviate poverty. The agreement, signed by 49 of the 55 African Union nations in March last year, will dodge a patchwork of trade regulations and tariffs that make intra-African commerce costly, time-consuming and cumbersome.
Its promotion of tariff-free movement of goods, people and services across the continent is also expected to favour SME’s, who account for 80% of Africa’s employment and 50% of its GDP, according to the WorldBank."
The aim of the AfCFTA is for accelerating of intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
Trading under the AfCFTA Agreement was due to commence on 1 July 2020, but as a result of the COVID-19 global pandemic, this date has been postponed. It has been indicated that the new date for operationalisation is 1 January 2021.
For more information on the above or our services on Africa, please consult Attorney-at-law, Head of the international team, Patricia Leers on p.leers@a-law.eu or fill in our online contact form.
