AU leaders launch ‘operational phase’ of free trade accord

African Union Commission Chairperson Moussa Faki Mahamat speaks during the African Union summit in Niamey, Niger, on July 7, 2019. (Reuters)

African nations launched the “operational phase” of a landmark free trade accord at the African Union (AU) Summit in the Nigerien capital, Niamey on Sunday, creating what leaders hope will be the world’s largest free trade area.

AU officials announced the launch of five “operational instruments” of the African Continental Free Trade Area (AfCFTA) with African nations agreeing to shared “rules of origin, the monitoring and elimination of non-tariff barriers, a unified digital payments system and an African trade observatory dashboard”.

Eritrea, the only non-signatory to the accord in the 55 member bloc, said it would seriously consider signing the agreement.

The AfCFTA launch was given a boost when Nigeria and Benin’s presidents signed on to rapturous applause on Sunday morning.

The AU estimates that the agreement -- which cuts tariffs between African nations -- will lead to a 60-percent boost in intra-African trade by 2022.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53