During an extraordinary summit of the African Union (AU) in Kigali, Rwanda, on 21 March 2018, African leaders launched the African Continental Free Trade Area (AfCFTA). The establishment of such a continent-wide free trade area is one of the key objectives of Agenda 2063, development vision piloted by the African Union. “This is a historic pact which has been nearly 40 years in the making, and it represents a major advance for African integration and unity,” said Paul Kagame, President of Rwanda and new Chairperson of the AU, ahead of the summit. AfCFTA is expected to significantly accelerate intra-African trade, which is very low compared to intra-regional trade in other world regions. In addition, free trade may help put the continent’s economies on a path towards a robust economic development.   If successfully implemented, the AfCFTA will constitute the world’s largest free trade area in terms of membership, comprising the 55 member states of the African Union, spinning a market with a total population exceeding one billion people and a combined GDP of more than US$3.4 trillion.  Worth mentioning that the AfCFTA Agreement was not signed by Nigeria, the largest economy in Africa with a GDP of $400.6 billion and South Africa. “We are therefore widening and deepening domestic consultations on the CFTA, to ensure that all concerns are respectfully addressed. Any African free trade agreement must fairly and equitably represent the interest of Nigeria”, said Nigerian President Muhammadu Buhari.   Negotiations towards the establishment of AfCFTA were the kicked off in June 2015. African negotiators deployed significant efforts to resolve outstanding issues (mainly related to free trade in goods) and finalised legal text ahead of the Kigali summit. On 21 March 2018 in Kigali, 44 African heads of state and government signed the AfCFTA Agreement, including its protocols, annexes, and appendices, which form an integral part of the accord. The AfCFTA and related protocols will enter into force 30 days after 22 countries have deposited their instruments of ratification.

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African Union