South Africa’s Deputy Trade and Industry Minister Bulelani Magwanishe on Monday said his country will soon initiate a process to sign African Continental Free Trade Area (AfCFTA).
This follows the the conclusion of the annexes to the protocol on trade in goods and to the protocol on dispute settlement.
“The conclusion of this work enables South Africa to rapidly commence domestic processes for signature of the AfCFTA,” said Magwanishe.
The AfCFTA will create an integrated market in Africa for 1 billion people with a gross domestic product of about 3.3 trillion U.S. dollars. This will create larger economies of scale, a bigger market and improve the prospects of the African continent to attract investment, he said.
Magwanishe said South Africa is committed to Tripartite Free Trade Area (TFTA).
Two of Africa’s biggest economies South Africa and Nigeria have not yet signed the AfCFTA, which was inked by 43 African countries on March 21.
Magwanishe said South Africa will now follow the internal process leading to the signing of the agreement.
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