The agreement addresses issues such as anti-dumping, unfair customs duties imposed on the importation or exportation of goods, and non-tariff barriers that impede trade through mechanisms other than imposing tariffs.
President Cyril Ramaphosa chaired Saturday's virtual meeting attended by several heads of state.
As South Africa hosts the third South Africa Investment Conference this week, President Ramaphosa says that beyond its contribution to national GDP, investment stimulates and supports the growth of local economies, with direct material benefits for our people.
Africa is more vulnerable to the impact of COVID-19 because it is highly dependent on imports for its medicinal and pharmaceutical products and on commodity exports.
The continental free-trade zone would, if successful, create a $3.4 trillion economic bloc with 1.3 billion people across Africa.
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EWN sat down with the African Development Bank President Akinwumi Adesina to talk about the African Continental Free Trade Area, the impact of Coronavirus on Africa, World Bank's statement on African countries being highly indebted and South Sudan's new peace deal. #AkinwumiAdesina #AfricanDevelopmentBank #ACFTA
President Cyril Ramaphosa hopes to achieve many things during South Africa's chairship of the African Union, with the economic empowerment of the continent's women a top priority.
For foreign investors looking to advance their portfolios on the continent, Ghana is an attractive economy in search of growth.
Standard Bank's Jeremy Stevens says the African Continental Free Trade Area could kickstart Africa's industrialisation.
With the African Continental Free Trade Area coming into operation, this is an Africa that is able to trade and engage on its own terms, writes Cyril Ramaphosa.
The president said transformation in the continent and development would no longer be on terms imposed by others.
Cyril Ramaphosa says the time is right for a new era of intra-African trade, where African countries no longer look abroad for the products and services they need, but to other countries on this continent.
The 55-nation AU, gathering for a summit in Niger, will give the formal push to a deal to phase out tariffs on trade from the Cape of Good Hope to Cairo.
Nigeria, the largest economy on the continent, was one of the last countries that had not committed to signing the deal and its decision to join the bloc will significantly bolster its clout.
A special government panel has recommended that President Muhammadu Buhari sign Nigeria up for a landmark African free trade agreement, ahead of a key meeting of African leaders.
President Cyril Ramaphosa on Sunday said he was excited that the country has joined the community of nations that have signed.
The IATF is expected to provide a platform for information sharing and opportunities to tap into the market of the more than one billion people brought together by the free trade agreement.
