![]() ![]() Īfrican trade integration has long been constrained by deteriorating border and transportation systems, as well as a patchwork of unique legislation in dozens of markets. AfCFTA is not a customs union, as it does not adopt a common external tariff at the continental level towards third parties. FTAs are more ambitious than partial scope agreements, which only liberalize trade on a limited list of products. ![]() FTAs are the most common type of preferential trade arrangements and more than 300 are in force today per Rules of Origin Facilitator trade agreement database. In ITC's taxonomy of trade agreements, AfCFTA falls into the category of free trade agreements (FTA), as it liberalizes substantially all trade among participating countries. Members are initially required to remove tariffs from 90% of goods per AfCFTA Tariff Modalities, eventually allowing free access to at least 97% of goods and most of services across the African continent. The AfCFTA is the largest free trade pact in the world in terms of the number of signatories, which promises to turn Africa into a modern, industrialized, cohesive, and influential player on the global stage. With a combined GDP of an estimated US$ 3.4 trillion, the pact links 1.3 billion people living in different parts of the continent, according to AfCFTA Factsheet. ![]() Its objective is to create an integrated market for the trade in goods and services, as well as the free movement of people and capital. It provides a member-driven road map for achieving sustainable and inclusive development on the continent. Does AfCFTA allow FTAs with third countries?Īccording to Agenda 2063, the African Union's (AU) flagship project is the African Continental Free Trade Area (AfCFTA). How to compare AfCFTA vs RECs in practice? What are dispute resolution options for private sector? What are challenges in AfCFTA implementation? What do the AfCFTA legal instruments cover? ![]()
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