AfCFTA « It is the beginning of a new era of trade between African countries » (Cyril Ramaphosa)

Trade under the African Continental Free Trade Area (AfCFTA) began on January 1, making it the world’s largest free trade area in terms of participating member states after the formation of the World Trade Organization (WTO). « This is the start of a new era of trade among African countries, » South African President Cyril Ramaphosa said late December 31 in his New Year’s message when commenting on the start of the AfCFTA. Data from the World Bank shows that the trade bloc, which so far brings together 54 signatories, covers a total population of more than 1.2 billion people with a collective GDP of 3.4 trillion dollars. One of the obstacles to Africa’s economic development has long been the low rate of intra-African trade, which currently accounts for 16-18% of Africa’s total trade, well below that of Europe. and Asia, according to Atah Pine, columnist for Modern Ghana news channel. The AfCFTA has the potential to increase intra-African trade by some 52% by 2022, according to the United Nations Economic Commission for Africa (ECA).