The African Union has taken a huge step towards economic integration with the signing of the African Continental Free Trade Agreement (AfCFTA) on March 21, 2018. This agreement brings together 54 of the African Union’s 55 member states, with only Eritrea yet to sign. The AfCFTA aims to create a single market with a total GDP of $2.5 trillion, and a population of 1.2 billion people.

The AfCFTA is expected to be a game-changer for African economies, which have traditionally been isolated from one another. The free trade agreement will boost intra-African trade by creating a continent-wide market that will reduce trade barriers, making it easier for businesses to trade across borders. This will enhance competition, improve the efficiency of markets and will lead to greater economies of scale and specialisation, ultimately driving economic growth and job creation.

The benefits of the AfCFTA are numerous, but it is important to note that it will take time for them to be realised. The AfCFTA is a long-term project, and it will take years for it to be fully implemented. Nevertheless, the economic benefits of the AfCFTA are considerable, and it is expected to be the catalyst for Africa’s economic transformation.

The AfCFTA is the largest free trade agreement in the world since the establishment of the World Trade Organisation. It is composed of 7 protocols including trade in goods, trade in services, intellectual property rights, competition policy, investment, and dispute settlement.

In addition to the AfCFTA, the African Union has also launched the Protocol on Free Movement of Persons, which will allow for the free movement of people, labour, and goods across borders. This is expected to boost economic activity, promote cultural exchange and tourism, and improve regional security.

The AfCFTA is unique in that it was designed by Africans, for Africa. The African Union recognises that the continent has unique challenges and opportunities, and the AfCFTA has been developed with these in mind. The agreement is based on the African Union’s Agenda 2063, which aims to create a prosperous and united Africa by 2063.

The signing of the AfCFTA is a significant milestone in Africa’s economic development. It represents a major step forward towards economic integration and trade liberalisation on the continent. The AfCFTA is expected to boost economic growth, create jobs, and improve living standards for millions of Africans.