President Cyril Ramaphosa on Tuesday lauded the launch of the Africa Continental Free Trade Area Agreement (AfCFTA), saying the agreement will catapult the economies of many African countries onto a higher growth trajectory.
Ramaphosa said the agreement “was a milestone that fulfils a dream crafted by the founders of the Organisation of African Union (OAU) 60 years ago when they conceptualised an integrated Africa.’’
He made the comment after attending the 12th Extraordinary Summit of the African Union (AU) on July 7 to July 8 in Niamey, Niger.
The summit marked the entry into force of the AfCFTA and formally launched the operational phase of the African Internal Market.
Ramaphosa said South Africa stands to significantly benefit from being part of the world’s largest single market encompassing 55 countries with a combined population of 1.2 billion people and a combined GDP of 3.2 trillion U.S. dollars.
He called the implementation of the agreement as a platform for African countries to trade among themselves and reap the benefits of the tariff-free area.
According to the president, one of the key spin-offs is expected to be greater focus and urgency for infrastructure development across the continent to support economic activities.
The AfCFTA, among its major aspirations, calls for a single continental market for goods and services, with free movement of business persons and investment, paving way faster establishment of a customs union.
- Ipas urges media to heighten campaign against Global Gag Rule on women’s sexual reproductive health
- COVID-19: Group donates ambulance to Plateau govt.
- Edo 2020: Obaseki promises Agbede Community trailer park, new roads, others to boost economic activities
- Navy disown fake press release inviting candidates for NNBTS Batch 30 training
- Kwara records 17 new COVID-19 cases
- UITH resident doctors suspend 3 days warning strike
- Operation Scorpion 2: FRSC impounds 129 articulated vehicles, convicts 40 offenders
- Edo 2020: Sen. Alimikhena canvasses votes for APC in Edo North
- S/Korea to review N/Korean refugee activist groups
- Travel giant Tui secures another billion-plus loan from German state