The African Continental Free Trade Area (AfCFTA) Secretariat has launched the AfCFTA Guided Trade Initiative (GTI). The launch of the GTI is a significant milestone that marks the commencement of 'commercially meaningful' trade in terms of the AfCFTA agreement.
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union and eight Regional Economic Communities. The purpose of the AfCFTA is to create a single market for the continent by enabling the free flow of goods and services across the continent and boosting the trading position of Africa in the global market. The AfCFTA is expected to expand the size of Africa’s economy to USD29-trillion by 2050.
There have been many delays in implementing the AfCFTA including the Covid-19 pandemic, prolonged and complex negotiations, administrative issues and the overlap with existing RECs and customs unions. However, despite numerous challenges, the GTI is a positive and pragmatic step in taking the implementation process forward.
Written by Meluleki Nzimande, Partner, Yael Shafrir, Senior Attorney & Elisha Bhugwandeen, Senior Knowledge Lawyer from Webber Wentzel
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