With Gambia’s Parliament ratifying the agreement, Africa’s free trade agreement has achieved the minimum threshold to approve the deal among the 55 member states of the African Union. This is a major step forward for the African Continental Free Trade Area (AfCFTA), which was created last March in Rwanda creating the world’d largest trade block since the formation of the World Trade Organization. The trade agreement is expected to become operational within a month after the required number of endorsements reach the AU chairperson’s office.
Once in place, the AfCFTA covering a market of 1.2 billion people and a combined gross domestic product of $2.5 trillion is expected to eliminate current high tariffs and boost intra-African trade. However, there is a cautious optimism about the success ofAfCFTA as most of these trade deals have been slow and drawn-out affairs. Africa’s largest economy Nigeria is yet to sign the agreement.
