Zambia is the latest country to submit the instruments of its ratification of the African Continental Free Trade Area (AfCFTA) agreement to the African Union Commission. Zambia’s ratification comes as the country finalizes its national AfCFTA strategy, which will guide its implementation of the agreement.
“I was delighted to receive the Ambassador of the Republic of Zambia HE Emmanuel Mwamba, alongside AU Commissioner Albert Muchamba, who deposited the instruments of ratification to the AfCFTA, making Zambia the 36th AU member to fully accede to the agreement “
AUC Chairperson, Moussa Faki Mahamat.
With Zambia’s ratification, only 18 member states are left to comply with the requirement. They are Benin, Botswana, Burundi, Cape Verde, Central African Republic, Comoros, the Democratic Republic of the Congo, Guinea-Bissau, Liberia, Libya, Madagascar, Morocco, Mozambique, Seychelles, Somalia, South Sudan, Sudan, and Tanzania.
However, it can be recalled that the African Union Commission’s (AUC) Trade Commissioner, Albert Muchanga, said during an ‘Invest in Africa’ webinar in January this year that five countries had indicated their intention to ratify the African Continental Free Trade Area (AfCFTA) agreement soon, joining the 35 nations that have already ratified and deposited their instruments.
He pointed out that the number of countries that would have ratified the AfCFTA agreement will, therefore, be approaching 40 with the continent’s leadership showing immense political will towards achieving its aspirations. The countries, with Zambia now excluded, are Tanzania, Somalia, Algeria, and Morocco.
Should these countries ratify the agreement, the number of countries who are left to ratify the trade agreement will reduce to 14. Only Eritrea out of the continent’s 55 countries is yet to sign the agreement.
The AfCFTA agreement entered into force on 30th May 2019 after the treaty was ratified by 22 countries – the minimum number required by the treaty.
AfCFTA provides the opportunity for Africa to create the world’s largest free trade area with the potential to unite more than 1.2 billion people in a $2.5 trillion economic bloc and usher in a new era of development. It has the potential to generate a range of benefits through supporting trade creation, structural transformation, productive employment, and poverty reduction.
Trading started officially on January 1, 2021, signaling the commencement of Africa’s journey to market integration, after it was postponed by six months last year following the outbreak of the coronavirus pandemic. The AfCFTA has its secretariat situated in Accra, the capital of West Africa’s second largest economy, Ghana.
Through its African Trade Policy Centre (ATPC), the Economic Commission for Africa (ECA) has been working with the African Union Commission (AUC) and member states to deepen Africa’s trade integration and effectively implement the agreement through policy advocacy and national strategy development.
The ECA also works with the International Trade Centre (ITC), United Nations Conference on Trade and Development (UNCTAD), and independent trade experts with the financial support of the European Union to assist with the implementation of the agreement.
