44 African nations sign pact establishing free trade area

In a landmark move, 44 African heads of state gathered in Kigali on Wednesday, March 21, to sign the African Continental Free Trade Area agreement, establishing the world's largest free trade area. This historic agreement aims to boost intra-Africa trade to 52 per cent by 2022, creating a continental market of 1.2 billion people with a combined GDP of over $3.4 trillion. The signing ceremony marked a significant step towards realizing the vision set forth nearly 40 years ago in the Lagos Plan of Action. President Paul Kagame highlighted the far-reaching impact of the agreement, emphasizing its potential to enhance the well-being of Africans and strengthen ties with the global community. The Continental Free Trade Area agreement builds on the foundational principles outlined in the Abuja Treaty of 1991, establishing the African Economic Community. President Kagame emphasized the pivotal role of regional economic communities in driving economic integration on the continent. He commended the tireless efforts of commission staff, ministers, and technical experts who worked behind the scenes to ensure the success of the agreement. The President underscored the importance of prioritizing the prosperity of Africa's farmers, workers, entrepreneurs, especially women and youth, through the production of value-added goods and services within Africa. One of the key advantages of creating a unified African market is the potential to benefit trading partners worldwide, while simultaneously empowering Africa to assert its interests on the global stage. President Kagame stressed that the signing ceremony was not merely symbolic but marked a critical moment in charting the continent's future. The deliberations in Kigali aimed to set the course for the next phase of Africa's journey towards economic prosperity and sustainable development. AU Commission Chairperson Musa Faki Mahat echoed the sentiments of President Kagame, emphasizing the monumental importance of deepening integration within Africa. He described the task ahead as a significant challenge, requiring courage, determination, and unity among African nations. Faki Mahat called for a collective effort to muster the political will needed to bring the African Continental Free Trade Area to fruition. The chairperson's impassioned address resonated with the assembled leaders, highlighting the call for courage and commitment to achieving the highest aspirations of the African continent. The signing of the African Continental Free Trade Area agreement represents a historic milestone in Africa's quest for economic transformation and regional integration. By prioritizing inclusivity, sustainability, and shared prosperity, the agreement sets a new course for intra-Africa trade and positions the continent as a key player in the global marketplace. As Africa moves forward with implementing the agreement, the world watches with anticipation as the continent charts a new path towards a more prosperous and interconnected future.