ALGIERS, Algeria has ratified the African Continental Free Trade Agreement (AfCFTA), the country Ministry of Trade said Sunday.
The ratification took place during the conference of ministers of trade of the African Union (AU) member states, held in Accra, capital of Ghana, on December 14-15, according to a statement from the Ministry.
“The launching of the African free trade area is a milestone in economic cooperation and trade exchanges among the African countries,” the statement quoted Algerian Minister of Commerce Said Djellab as saying.
The AfCFTA came into force on May 30, 2019, after 24 AU member countries ratified it; more than 28 signatories have ratified the agreement so far. Out of the 55 AU members Eritrea is the only country that have yet to sign the agreement.
As of July, 2020, the AfCFTA partners will start phasing out tariffs on their trade exchanges as a prelude to zero tariffs in five years later.
Source: Kuwait News Agency