3 February 2018

Africa: AU Aspires to Boost Intra-Africa Trade

To ensure inter and intra-African trade, the African Union General Assembly, composed of states and heads of states had launched the creation of Continental Free Trade Areas (CFTA), in the continent.

The corridor aimed at ensuring the development of policies on tariffs, non-tariff barriers and free movement of exporters, importer and producers and formulation, implementation, and harmonisation of trade policies with the current business needs of the continent.

The Union has decided the launch of the CFTA, on its latest general assembly session held in Addis Abeba, the headquarters of the Union.

From early 2015 to mid 2017, the Commission, as the major footsteps to create single African trade corridors and interconnect the continent together in all directions, has implemented exemplary transport infrastructural sector programmes by the finance aid gained from the European Union.

At the continent level, the merchandise exports declined from 640 billion dollars in 2012 to 349 billion dollars in 2017. Primary commodities and raw materials by large continued to dominate Africa's export, fuels, ores, metals, and agricultural products the major export items which Africa is famous for.

The CFTA will create a single African market of 55 member states, which comprises a total of about one billion people and a GDP of 2.5 trillion dollars.

There will also be an ambitious plan of 90pc tariff liberalisation on goods and other duty relief for Africans.

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