The African Continental Free Trade Area came into operation on 1 January 2021. This is a considerable achievement. The free trade area is now the world’s single largest market for goods and services, when measured by number of countries, after the World Trade Organisation. It is also the largest in terms of geographic area and population size.
If implemented as foreseen by the agreement, the free trade area will unlock significant growth for the African continent. The World Bank has estimated that by 2035, trade between African countries could expand by 81%, boosting output by US$450 billion, raising wages by 10%, particularly benefiting women, and lifting 30 million people out of extreme poverty.
