[ad_1]
The African Union (AU) has declared that, effective January 1, 2021, it will mark the beginning of the free trade regime of tariffs and quotas under the African Continental Free Trade Area (AfCFTA).
According to the Union, the existing commercial tariff between the member states would be eliminated.
The free trade initiative is expected to cover 1.2 billion markets in several countries associated with the Union.
Speaking at the second AfCFTA national conference in Ghana, President Nana Akufo-Addo indicated that the initiative is another historic step that would benefit all Africans.
The ECOWAS president said that the AfCFTA would not only boost intra-African trade, but would also ensure the diversity of exports and ensure job opportunities for the continent.
He reiterated that the challenge of food security in Africa would be a thing of the past.
“AfCFTA would stimulate innovation and investment, promote structural transformation, enhance economic growth and help the business dynamism of the African people,” he added.
He urged Ghanaian companies to explore the benefits of the initiative to expand productivity, improve the value-added chain and make Ghana a new manufacturing hub.
He said that “the government is fully committed to the implementation of the AfCFTA. With the collective desire for shared prosperity, we are confident that the AfCFTA will succeed and make a new impact on the rapid growth of the African economy and deepen integration and unity in Africa. “
Several distinguished personalities who honored the event include HE Wamkele Mene, the Secretary General of the AfCFTA Secretariat, the Minister of Trade and Industry, Alan John Kyerematen, among others.
