The Parliament of The Gambia has ratified the agreement on Africa Continental Free Trade Area (AfCFTA), paving the way for the needed minimum threshold for the agreement to come into force in July this year.
The ratification, the road to Niamey – Niger- has been cleared for the official launch of the much-awaited Africa Continental Free Trade Area (AfCFTA).
“Good news! The Parliament of The Gambia has APPROVED ratification of AfCFTA Agreement making us meet the minimum threshold,” Amb. Albert Muchanga – Commissioner for Trade and Industry at the African Union Commission said on his Twitter handle.
“The AfCFTA market is being born and is one step ready for launch of its operational phase in July this year,” he added.
Celebrations are expected to fill up Niamey – the capital city of Niger in July this year, when African leaders will witness the official launch of the Africa Continental Free Trade Area.
In March last year, African countries including top largest economies such as South Africa joined their fellow African Union member countries to sign the historic African Continental Free Trade Area.
Once into force, the AfCFTA will create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Continental Customs Union and the African customs union.
The CFTA will bring together fifty-four African countries with a combined population of more than one billion people and a combined gross domestic product of more than $3.4 trillion.
A minimum 22 ratifications were needed for the AfCFTA signed in Rwanda’s capital Kigali, to come into force.