Under the African Continental free trade treaty, countries opened up their markets at the beginning of 2021; and although there’s a threat by the pandemic, duty-free commerce is ongoing across the borders.
The new market in the African Continental Free Trade Area (AfCFTA) is able to enhance the quality of 30 million extremely poor Africans, the World Bank stated. In addition, it will expand African commerce, create job opportunities even for women, develop industries and increase a sense of competitiveness.
Moussa Faki Mahamat, Chairperson of the African Union Commission, said the start of the business under AfCFTA is a turning point in African joint market. The joint market will hopefully bring together reliable and universal industries throughout Africa, he continued.
African countries should go ahead with Rules of Origin, a major factor in international trade platforms. More than 81% of tariff lines have been agreed upon by the countries and the rest is predicted to be arranged by this July, Faki noted.