(Ecofin Agency) – Despite its official operation in early 2021, the Free Trade Area of the African continent is still in operation. 40 countries have fulfilled the conditions that make them state parties.
Cape Verde has officially joined the African Continental Free Trade Area (ZLECAf). The information was made public by A. Press release The African Union posted on its website.
54 African countries have already signed agreements to establish ZLECAf, and 40 countries have deposited “authorization tools” that make them state parties. Thus Cape Verde becomes 41e The state party should do so.
⁇ Forty-one (41) member states of the African Union are state parties to the treaty by placing the tools for approval, thus demonstrating a clear political will to achieve market integration in Africa. “, We read in the annotation.
ZLECAf is a region that liberalizes all trade between African countries, by eliminating 97% of tariffs on tariffs. ” 13 years starting to implement “. Was originally scheduled to start on the 1stThere is July 2020, its operation postponed due to Govt-19, formalized on the 1stThere is January 2021.
Last year, Silver Ojagol, chief executive of the AfCFTA Secretariat, further announced that 90% of the emerging rules planned to come into force under the zone have already been agreed.
Keep in mind that in the long run, ZLECAf will have to integrate all the economies of the continent into a potential market of 1.3 billion people and a total GDP of $ 3.4 trillion. According to the AU, this is ” The largest free trade area since the founding of the World Trade Organization (WTO) .