African Continental Free Trade Area

The African Continental Free Trade Area (ACFTA) is a free trade area including 28 countries. This is the largest free trade area is the largest in the world in term of participating countries. It has its Secretariat at Accra of Ghana.

Key Points

• It was created by the African Continental Free Trade Agreement (AfCFTA), signed in Kigali, Rwanda, in the year 2018. It requires the member countries to remove tariff barriers on 90% of goods. This would allow free access to goods and services among the members.
• This Free Trade Area is seen as a measure to boost economic growth and reduce poverty among the African Nations. As per a recent World Bank Report, it could lift 30 million people out of poverty by 2035.
• The free Trading was initially planned to commence from 1 July 2020. But it was delayed due to COVID-19 pandemic. Now it is expected to commence from January 2021.
• In 2019, Gambia became the 22^nd nation to ratify the agreement. Till 2019, 54 out of the 55 African Union states had signed the African Continental Free Trade Agreement and Eritrea is the only country left.

Africa Industrialization Day

In 1989, the United Nations General Assembly proclaimed 20 November as Africa Industrialization Day. The theme of 2020 Africa Industrialization Day was Inclusive and sustainable industrialisation in the AfCFTA era.

African Economic Conference 2020

Started in the year 2006, the African Economic Conference encourages dialogue and the exchange of knowledge on various issues faced by Africa. This year’s conference is scheduled to be held from December 8 to 10 2020. The theme of 2020 African Economic Conference is Africa beyond COVID-19: accelerating towards inclusive sustainable development.

Mutual Agreement Procedure