The expert added that his move is a lifeline for the continent of Africa, which has been suffering from internal conflicts and border disputes between countries caused by the old colonial divisional maps.
"The agreement will regulate the movement of goods exchange between member states and aims to promote intra-trade, remove customs barriers between countries, and facilitate the movement of goods and investments," she said.
The AfCFTA, among its major aspirations, calls for a single continental market for goods and services, with free movement of business people and investment.
Once fully operational, the free trade accord is projected to boost the level of intra-Africa trade by more than 52 percent by the year 2022, according to the UN Economic Commission for Africa.
According to the AU, the AfCFTA "has laid the foundation" for what could be the world's largest free trade zone by the number of participating countries, covering a population of more than 1.2 billion, which is expected to grow to 2.5 billion by 2050, with a combined gross domestic product of 2.5 trillion U.S. dollars.
For his part, Kareem al-Omda, professor of economy with the Arab Academy for Science Technology and Maritime Transport, said the agreement is an African achievement aimed at integrating the economies of 54 countries, adding that these countries may become a giant economic market for the exchange of goods, services and products.
【国际英语资讯:News Analysis: Africas free trade zone key move toward continental economic, trade integra】相关文章:
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