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South Africa Joins 44 Countries In Signing African Free Trade Agreement

JOHANNESBURG, SOUTH AFRICA - DECEMBER 15: Deputy President of South Africa Cyril Ramaphosa attends the first anniversary of the death of former President and Nobel peace laureate Nelson Mandela, at the Mandela Foundation in Johannesburg, South Africa on December 15, 2014. (Photo by Ihssan Haffejee/Anadolu Agency/Getty Images)

South Africa is one of 44 African countries to sign a declaration on establishing a free trade region in Africa.

The Presidency tweeted on Wednesday that the signing of the declaration by South Africa is subject to the conclusion of all outstanding issues that form an integral part of the agreement.

AFP reported that the signing of the agreement establishing a free trade area is seen as vital to the continent’s economic development, the head of the African Union said Wednesday.

“The agreement establishing the CFTA (African Continental Free Trade Area) was signed by 44 countries,” said Moussa Faki Mahamat, chairperson of the AU commission.

Bloomberg reported earlier on Wednesday that three years of talks were expected to culminate in the creation of the almost $3trn African trade bloc, with the exception of one of the continent’s biggest economies.

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Written by How South Africa

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