The Africa Continental Free Trade Area (AfCFTA) is a free trade agreement among the 55 member states of the African Union (AU). It was launched on January 1, 2021, after being signed by 44 countries in March 2018. It aims to create a single continental market for goods and services, with the goal of increasing intra-African trade and promoting economic development in Africa. The AfCFTA is the largest free trade agreement in the world in terms of the number of participating countries. It covers a market of over 1.2 billion people and a combined Gross Domestic Product (GDP) of more than $3.4 trillion.
AfCFTA aims to reduce tariffs and other trade barriers, promote the free movement of people, goods, and services, and facilitate the creation of a single market for goods and services across Africa. It also aims to promote industrial development, regional value chains, and economic diversification on the continent. The implementation of the AfCFTA is expected to have a significant impact on African businesses and economies and is seen as an important step towards the AU's vision of an integrated, prosperous, and peaceful Africa.
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