Africa: The Continental Free Trade Area (FTACA) is on track
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International trade |
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Country: |
AFRICA |
Launched in June 2015 by the Heads of State and Government of the African Union, the negotiations culminated on 21 March 2018 in the signing of the agreement establishing the African Union African Continental Free Trade Area (AFTAA), and thus closing the first phase of the project.
44 African countries signed the FTACA (including Morocco)*a total of 50 countries signed the « Kigali Declaration »affirming their commitment to implement this agreement.
Main macroeconomic objective: increase intra-African trade by more than 50% eliminating tariff barriers (customs duties) by 2022!
Ultimately, when non-tariff barriers are also lifted on goods and services, the overall trade volume could be multiplied by 2.
27 countries also signed the African Union Protocol on free movement of personswhich complements the FTACA by providing for the abolition of visas for nationals of signatory countries (should lead to the creation of an African passport), the right of residence, the right to do business and the right to establish professional establishments.
Included in the framework of theAgenda 2063The Pan-African Free Trade Agreement is expected to create a market of more than 1.2 billion people for a total GDP estimated at around USD 3 trillion (55 AU member countries). The expected economic benefits to Africans are extremely important, starting with:
- SMEs representing 80% of the region's enterprises;
- Women who make up 70% of informal cross-border traders;
- Young people who should take advantage of new employment opportunities.
The complementary structures to the FTAA will include:African Business Council (African Business Council), which will consolidate and articulate the views of the private sector, as well as a trade observatory to monitor and evaluate activities.
Finally, the establishment of a African Customs Unionthe medium term.
* List of African Union member states signatories to the FTACA Agreement as of 21/03/2018 available to our subscribers on request.
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ACTE International deploys its services to Maghreb and in Sub-Saharan Africa Audit, consulting, professional training and international logistics services.
Since our subsidiary in Morocco (Casablanca)We put our expertise and cross-cutting approach to Global Supply Chain Management at the service of developing companies across the continent.
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