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Africa free trade secures 2/3 requirement

The African Continental Free Trade Area, AfCFTA Agreement has met the required minimum twenty-two threshold to come into force.

This followed the deposit of two instruments of ratification from Sierra Leone and Sahrawi Republic to the African Union.

The two deposits meet the minimum threshold of ratification required under Article 23 of the AfCFTA Agreement for it to enter into force thirty days after the deposit of the twenty-second deposit.

According to a statement by the African Union, the Agreement will in this regard enter into force on 30th May, 2019. 

Receiving the instruments of ratification in Addis Ababa, the Chairperson of the African Union Commission, Moussa Faki Mahamat hailed the two deposits as timely and significant towards removing the fragmentation of African economies and markets. 

Mr. Mahamat said the process would create a large market that is critical to increasing trade and investments on the continent. 

Nigeria is yet to ratify the African Continental Free Trade Area agreement.

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