The Africa Continental Free Trade Agreement Signatories: An Overview
In March 2018, the African Union (AU) launched the Africa Continental Free Trade Agreement (AfCFTA) with the aim to boost intra-African trade by eliminating tariffs on 90% of goods and services between signatory countries. Since then, more than 50 African countries have signed the agreement, making it the world`s largest free trade zone by member states.
However, the AfCFTA is not yet in full effect, as countries continue to work on the details of implementation. Nonetheless, the agreement holds great potential for the continent, as it could increase regional integration, economic growth, and job creation. In this article, we will provide an overview of the AfCFTA signatories and their importance in shaping the future of Africa`s economy.
The AfCFTA Signatories: Who Are They?
As of 2021, 54 out of 55 African Union member states have signed the AfCFTA agreement. The only country that has not yet signed is Eritrea. Here is a list of the countries that have signed the agreement:
1. Algeria
2. Angola
3. Benin
4. Botswana
5. Burkina Faso
6. Burundi
7. Cabo Verde
8. Cameroon
9. Central African Republic
10. Chad
11. Comoros
12. Congo
13. Côte d`Ivoire
14. Djibouti
15. Egypt
16. Equatorial Guinea
17. Eswatini
18. Ethiopia
19. Gabon
20. Gambia
21. Ghana
22. Guinea
23. Guinea Bissau
24. Kenya
25. Lesotho
26. Liberia
27. Libya
28. Madagascar
29. Malawi
30. Mali
31. Mauritania
32. Mauritius
33. Morocco
34. Mozambique
35. Namibia
36. Niger
37. Nigeria
38. Rwanda
39. Sao Tome and Principe
40. Senegal
41. Seychelles
42. Sierra Leone
43. Somalia
44. South Africa
45. South Sudan
46. Sudan
47. Tanzania
48. Togo
49. Tunisia
50. Uganda
51. Zambia
52. Zimbabwe
Why is the AfCFTA Important?
The AfCFTA is important for several reasons. First, it has the potential to increase intra-African trade, which currently lags behind other regions in the world. According to the United Nations Economic Commission for Africa (UNECA), intra-African trade accounts for only 16% of the continent`s total trade, which is far below that of other regions. By eliminating tariffs on 90% of goods and services, the AfCFTA aims to increase intra-African trade by 52.3% by 2022.
Second, the AfCFTA could boost economic growth and job creation in Africa. According to a study by UNECA, the AfCFTA has the potential to increase Africa`s GDP by $450 billion and lift 30 million people out of extreme poverty by 2035. By increasing trade and investment, the AfCFTA could also create jobs and enhance the competitiveness of African businesses.
Finally, the AfCFTA could foster regional integration and political cooperation in Africa. By encouraging trade and investment among African countries, the AfCFTA could strengthen intra-regional ties and reduce tensions between countries. This could also lead to cooperation on issues such as security, infrastructure development, and energy.
Conclusion
The Africa Continental Free Trade Agreement is an ambitious initiative that aims to transform Africa`s economy by increasing intra-African trade, boosting economic growth, and fostering regional integration. With over 50 signatories, the AfCFTA is set to become the world`s largest free trade zone by member states. However, the success of the agreement will depend on effective implementation and cooperation among African countries. As Africa moves towards a brighter future, the AfCFTA will undoubtedly play a critical role in shaping its economic landscape for generations to come.