Tuesday, May 21, 2024

African leaders sign deal for ‘largest’ free trade area

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Isaac Kaledzi
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.

44 African leaders on Wednesday signed onto the world’s largest free trade area at a gathering in Rwanda with countries like Nigeria and Uganda missing out for the mean time.

The African Continental Free Trade Area (CFTA) with 55 African Union (AU) members would mean the African Union would have a cumulative gross domestic product of US$2.5 trillion.

Presidents from countries such as Ghana, South Africa, Liberia, Rwanda among others were each called and provided with documents to sign to commit their countries to the deal.

African countries only do about 16 per cent of their business with each other with the African Union hoping to change this trend.

The CFTA is a major project of the AU’s long-term development plan Agenda 2063, which emphasis the need to  ease trade and travel across the continent.

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AU member states in January this year agreed to a common air transport market that could drive down air fares, as well as plans for visa-free travel for Africans across the continent.

The latest deal could create thousands of jobs for the continent’s jobless youth.


Source: Africafeeds.com

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