SA ratifies African free trade area

Parliament yesterday ratified the agreement establishing the African Continental Free Trade Area (AfCFTA). Business Report says the AfCFTA was launched during an extraordinary summit of AU heads of state in March 2018 in Kigali, Rwanda. SA signed the agreement in July 2018 in Nouakchott, Mauritania. Thus far, 49 countries have signed the agreement and Kenya, Ghana, Rwanda, eSwatini, Chad, Niger, Sierra Leone, Uganda and Guinea Conakry have deposited their instruments of ratification. Trade and Industry Minister Rob Davies, said SA was expected to deposit the instrument of ratification during the 32nd Ordinary Session of the Assembly of the AU in February 2019. The agreement will enter into force once twenty-two member states have deposited their instruments of ratification.