African leaders launch a landmark continental free trade bloc

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African leaders launch a landmark continental free trade bloc

On Sunday, the 7th of July 2019, after four years of tentative talks, 55 African nations had announced that they had reached an accord to launch a free trade zone of African nations, in effect which would unite about one-seventh of world’s population and create an economic bloc worth of $3.4 trillion.

Nonetheless, a draft agreement of a 55-nation economic bloc of free trade had been reached on last March, and Sunday’s (July 7th) African Union Summit in Niger had cemented a pathway to an era of mass-scale development for African nations.

Aside from that, the African economic bloc of free trade, nations of which were exploited for centuries but received little in return except war and hunger, had added that Ghana would be the host of trade bloc’s future headquarter.

It was expected that the second-largest economic bloc of the world, African Continental Free Trade Area (AfCFTA), behind World Trade Organization founded back in 1994, would unlock Africa’s latent economic potential by bolstering regional trade, ramping up supply chains and sharing expertise.

Adding that the AfCFTA would turn African dream of quality life into a reality, President of Egypt and the Chairman of African Union, Abdel Fattah al-Sisi said at the stage of summit’s opening ceremony, “The eyes of the world are turned towards Africa.

The success of the AfCFTA will be the real test to achieve the economic growth that will turn our people’s dream of welfare and quality of life into a reality”.