MOGADISHU (Halbeeg News) – Somali cabinet on Thursday approved the Africa Continental Free Trade Area (CFTA) treaty for ratification to boost the country’s trade with other parts of the continent.
During their weekly meeting, the cabinet debated the bill which was submitted by the ministry for commerce and approved it unanimously.
The Bill for ratifying the treaty, which was signed in Kigali, Rwanda, by 44 African nations, will be presented to Parliament.
Trading under the African Continental Free Trade Area (AfCFTA), which was due to commence last July, was postponed due to the coronavirus pandemic and is expected to start next year.
The continental agreement is expected to boost intra-Africa trade by 53% through elimination of import duties and non-tariff barriers.
The AfCFTA agreement which was adopted by African governments in 2018 and entered into force in 2019 was rectified by 30 countries.
Under the AfCFTA, the countries committed to remove tariffs on 90% of goods, liberalize trade in services, and lift non-tariff barriers.
The agreement eyes creating a single African market of over a billion consumers with a total GDP of over $3 trillion — a figure that will make Africa the largest free trade area in the world.
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