EDITORIAL: Address hurdless on the path to continental FTA

What is arguably Africa’s most ambitious economic programme in recent times is the African Continental Free Trade Area (AfCFTA), whose agreement was signed in Rwanda on March 21, 2018.

Briefly, AfCFTA’s overriding objective is to create “a single continental market for goods and services, with free movement of people and investments”.

If – and when – that happens, AfCFTA would become the world’s largest trade area, and the key to unlock the continent’s economic potential by making it that much easier for African countries to freely trade with one another.

Indeed, a united African continent of 55 countries working towards common goals would be a major force on the global economic stage.

To that end, 44 African state leaders signed the agreement last year, with half that number needed to ratify the same to move the project forward.

In due course of time and events, Gambia became the 22nd country to ratify the agreement – joining some of Africa’s largest economies, including Egypt and South Africa – thereby crossing the threshold and officially setting in motion the wheels of project implementation.

Despite meeting the 22-country threshold, the fact that Africa’s biggest economy, Nigeria, has yet to sign the agreement, let alone ratify the same, is likely to complicate the negotiations. And, while Tanzania, Burundi and South Sudan within the six-member East African Community signed the agreement, they have yet to ratify it. This is also another problem, especially when the negotiations involve regional economic blocs such as the EAC, which have already made progress in the integration process.

Countries that have not yet signed or ratified the AfCFTA should do so. This is the chance of a lifetime and the opportunity to enable African countries trade more among themselves. It is a huge step towards realising the dream of pan Africanism that African founding presidents dreamed of.