Clifford Chance
A Major Step Towards A Single African Market
28 March 2018
On March 21, 2018, at an African Union ("AU") summit in Kigali, Rwanda (the "Summit"), the leaders of 44 African countries signed an agreement (the "CFTA Agreement") to establish the African Continental Free Trade Area (the "CFTA"). This event marks a significant milestone towards the establishment of a single African market, a vision first conceived by the AU member states in 2012. The CFTA's primary objective is to remove trade barriers such as tariffs and import quotas, allowing for the free flow of goods and services between its member states with the goal of boosting commerce, growth and employment throughout Africa.
