President Cyril Ramaphosa has assured the world that South Africa is an investment destination. Photo: Media

 

South Africa recently handed in their ratification of the Africa Continental Free Trade Area Agreement (AfCFTA), African Daily Voice has learnt.

An initiative of African Union (AU), the African Continental Free Trade Area Agreement promises to boost internal trade but also brings us that much closer to an integrated Africa.

According to AU, the agreement will make Africa the largest Free Trade Area globally, building an integrated continental market of over 1 Billion People with a combined GDP of $3.3 Trillion.

If member states are faithful to the continental mother body’s pursuit, the continent could meet the 2063 deadline set for “The Africa We Want” in Agenda 63.

AfCFTA creates a single set of rules for trade and investment, essentially creating one play-book boosting African Unity, Business, Employment and Development.

Internal Trade is expected to go up from less than 20% to an estimated 52% by 2022.

 

Source : africandailyvoice.com

Keywords : South Africa, News, Economy, African Continental Free Trade Area Agreement (AfCFTA), African Union