NIAMEY ( Halbeeg News) – The African head of states gathered in Niamey, Niger on Sunday to launch a continental free-trade zone.
The members are expected to unveil which nation will host the trade zone’s headquarters when trading will start and discuss how exactly it will work.
If successful it will unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new era of development in the continent.
“The eyes of the world are turned to Africa,” Egyptian President and African Union Chairman Abdel Fattah al-Sisi said at the summit’s opening ceremony.
AfCFTA “will reinforce our negotiating position on the international stage. It will represent an important step.”
Members have committed to eliminating tariffs on most goods, which will increase trade in the region by 15-25% in the medium term, but this would double if these other issues were dealt with, according to International Monetary Fund (IMF) estimates.
Economists say significant challenges remain, including poor road and rail links, large areas of unrest, excessive border bureaucracy and petty corruption that have held back growth and integration.
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