The African Continental Free Trade Area
AfCFTA is designed to be a legal instrument which would foster economic integration by creating a single market for goods and services, vide progressive elimination of tariff barriers (TBs) and non-tariff barriers (NTBs) (Eg. permits, national protectionist policies) to trade and investment.
The agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has entered into force, albeit trading with the Agreement will not commence until 1 July 2020. Now the largest free trade agreement since the creation of the World Trade Organization, the Agreement is expected to lead to structural changes in the current business environment. What is AfCFTA? How does it impact you? What should be your response?
In this newsletter, our Global Trade Advisory Lead – Chijioke Odo, provides some background to the Agreement, reviews its current state, predicts the likely impact to the business community, and provides some recommendations on private sector response.