Trading within the framework of the African Continental Free Trade Area (AfCFTA) has gained momentum, as 48 countries have deposited their instruments of AfCFTA ratification, Secretary-General of the AfCFTA Secretariat Wamkele Mene has said.
ADDIS ABABA, Feb. 20 (Xinhua) -- Trading within the framework of the African Continental Free Trade Area (AfCFTA) has gained momentum, as 48 countries have deposited their instruments of AfCFTA ratification, Secretary-General of the AfCFTA Secretariat Wamkele Mene has said.
Mene said trade among 19 African countries under the AfCFTA rules is well underway.
"We have made progress on key issues, including on tariff reduction and on the list of goods to be traded within Africa," he was quoted by the state-run Ethiopian News Agency as saying on Tuesday.
According to the African Union, the AfCFTA agreement is an ambitious trade pact that aims to transform Africa into the world's largest free trade area.
When fully implemented, it is expected to create a single market for goods and services for about 1.4 billion people across Africa, with a combined gross domestic product (GDP) of 3.4 trillion U.S. dollars.
Mene urged African countries to accelerate the implementation of agreed-upon rules to unlock markets and attract investment into the continent, particularly in the face of rising global trade protectionism.
He also appreciated the growing participation of the private sector and the completion of all necessary legal protocols of the AfCFTA required by Africa's heads of state.
Despite the progress, Mene noted that a major challenge is the cost of infrastructure to support trade. The deficit is estimated at 150 billion dollars, hindering the ability to trade in larger volumes across the continent. ■