South Africa on Sunday signed the agreement for the establishment of the African Continental Free Trade Area (AfCFTA) on the sidelines of the African Union Heads of State summit in Nouakchott, Mauritania.
Others who signed the agreement include Burundi, Namibia, Lesotho and Sierra Leone. This now brings to 49 the number of countries that have signed the agreement that will see the creation of the World’s biggest free trade area.
After signing the agreement, President Cyril Ramaphosa said he was excited that South Africa has joined the community of nations that have signed the agreement. During the ceremony Chad and eSwatini ratified the agreement bringing to six the number of countries that have ratified.
The signing of the agreement by South Africa is a major win for the African Union (AU) because it is one of Africa’s biggest economies.
The agreement – represents the ambitious goal of the continental body to create a single market for the trade of goods and services as well as the free movement of persons across Africa.[Source: SABC]