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Access to Markets
African Continental Free Trade Area (AfCFTA)
The AfCFTA is a legal instrument that creates a single African market for goods and services through the progressive elimination of tariff and non-tariff barriers. It brings together 55 countries, 1.3 billion people and a combined GDP of more than USD 3.5 trillion.
The Agreement was signed in March 2018, ratified by May 2019, and came into force in January 2021. It is one of the flagship projects for the African Union’s Agenda 2063, focused on stimulating growth, creating decent jobs and diversifying economies.
54
AU Member States Signed
$450B
Income boost by 2035
44
Ratifications
7%
Gain
30M
People lifted from poverty
1.3B
People in the market
General Objectives of the AfCFTA
- Create a single market for goods and services
- Create a liberalised market through successive rounds of negotiations
- Contribute to the movement of capital and natural persons
- Lay the foundation for a Continental Customs Union
- Promote sustainable and inclusive socio-economic development
- Enhance competitiveness within the continent and global market
- Promote industrial development through diversification
- Resolve challenges of multiple and overlapping memberships
ECOWAS in the AfCFTA
The ECOWAS Trade Liberalisation Scheme (ETLS) ensures the free movement of originating products without customs duties. The AfCFTA exists side by side with ETLS, building on this preferential trade regime to open up access into more African markets. ECOWAS continues to support the negotiation and implementation of the AfCFTA Agreement by its Member States.
E-Learning
Building the capacity of its members is one of the core services offered by FEWACCI. Access a broad choice of training options through our E-learning platform and partner resources.