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The African Continental Free Trade Area (AfCFTA) was established in 2018 under the auspices of the African Union to create a single continental market for goods and services, with free movement of businesspersons and investments. Headquartered in Accra, Ghana, AfCFTA aims to accelerate intra-African trade and boost Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
AfCFTA is the largest free trade area in the world by number of countries participating, with 54 of the 55 African Union nations having signed the agreement. Its operations are expected to significantly increase intra-African trade by reducing tariffs and allowing free access to commodities, goods, and services across the continent. The agreement is projected to lift millions out of poverty and foster economic growth by creating a more competitive and efficient African market.
The AfCFTA encompasses 54 African Union member states, making it a pan-African initiative with a presence in nearly every country on the continent. Its primary regional hubs include West Africa, East Africa, Southern Africa, Central Africa, and North Africa, promoting economic integration across these diverse regions.
AfCFTA’s flagship initiatives include the establishment of a single market for goods and services, the facilitation of free movement of people and investments, and the creation of a customs union. The agreement also provides a framework for addressing non-tariff barriers and promoting industrial development through diversification and regional value chain development.
AfCFTA is expected to boost intra-African trade by over 50% and increase Africa’s income by $450 billion by 2035. It aims to lift 30 million people out of extreme poverty and significantly improve the livelihoods of African citizens by creating a more integrated and efficient market. The agreement has been recognized as a milestone in Africa’s economic development and integration efforts.
