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AU: Launch of the continental free trade area

Fatima Acyl Commissioner of the African Union for Trade and Industry announced the launch of the Continental Free Trade Area (CFTA). This initiative is also part of the 2063 agenda. This continental free trade area provides for tariff liberalization, different rules of procedures, trade facilitation and customs procedures. $ 20 million was mobilized to finance projects from the sectors of goods and services as well as investment, not to mention that of intellectual property. Moreover, Fatima Acyl announced that AU Member States participated in up to $ 3 million for the year 2016 and will participate in the amount of $ 4.9 million for 2017. The CFTA should increase the competitiveness of industrial products through harnessing the potential savings in a broader continental market. It is also estimated that it contributes to diversify and transform the African economy, improve the allocation of resources, to reduce prices in the country and to make Africa less vulnerable to external trade shocks.

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