ADDIS ABABA, Jan. 15 (Xinhua) -- Malawi on Friday deposited its Africa Continental Free Trade Area Agreement (AfCFTA) ratification instrument to the African Union (AU) Commission as the number of African countries bound by the continental free trade pact grows.
"Congratulations to Malawi, which has become the 35th Africa Continental Free Trade Area Agreement (AfCFTA) State Party after depositing its instrument of ratification today," African Union (AU) Commissioner for Trade and Industry, Albert Muchanga, said on Friday.
The African continent on January 1, 2021 started trading under the AfCFTA Agreement.
The AfCFTA, which was launched in March 2018 in the Rwandan capital, Kigali, has so far garnered 54 AU member signatories, offering new hope and continental exhilaration in terms of boosting intra-African trade, and eventually facilitating Africa's development and industrialization. Eritrea is the only non-signatory country.
Once fully operational, the African free trade accord has the potential of boosting the level of intra-Africa trade by more than 52 percent by the year 2022, according to the United Nations Economic Commission for Africa. Enditem