Togo ratifies law to create African Continental Free Trade Area

Economic governance
Friday, 07 December 2018 13:14
Togo ratifies law to create African Continental Free Trade Area

(Togo First) - Yesterday, Dec 6, Togo’s parliament adopted a law ratifying the creation of the African Continental Free Trade Area (AfCFTA).

Signed in Kigali, Rwanda, during the African Union Heads of State extraordinary summit, the agreement translates the will of 44 African States to “end their balkanization and create a single market that spans from Algiers to Cape Town, and Praia to Djibouti”, according to Mahamadou Issoufou, President of Niger who chaired the talks.

The African Union wishes through the agreement to progressively suppress custom duties and subsequently increase intra-Africa trade by around 60%, by 2022, as it currently is very weak (16%).

Ratifying the law will enable Togo to leverage opportunities available in this huge trade area, in terms of investments and trade liberalization,” emphasized Legzim-Balouki, Togo’s minister of trade and private sector promotion.

Let’s recall that the agreement was to come into effect in September 2018, provided that 22 nations ratified it. So far, the number is yet to be reached and Togo is the 13th country to ratify the document.

Séna Akoda

 
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