Africa Continental Free Trade Agreement – AfCFTA:

The African Union’s (AU) efforts to promote intra-African Trade have reached a zenith with the ratification of the African Continental Free Trade Agreement (AfCFTA) by 24 countries in May 2019. AfCFTA aims at increasing Africa’s economic growth and industrial competitiveness. As a part of the larger Pan-African vision, the initiative is a part of the commitment to building economic and political unity and enhancing the attainment of Agenda 2063. According to Geda and Yimer (2019), the AfCFTA agreement aims to provide better opportunities to gain economies of scale and efficiency through greater competition and specialisation. As anticipated, it offers a more attractive domestic market for international and local investment. In addition, an increase in intra-regional commerce would boost economic expansion and help pull people out of poverty.