African countries on Wednesday signed an agreement establishing the African Continental Free Trade Area (AfCFTA) in Kigali, the capital city of Rwanda.
The signing took place during the 10th Extraordinary Session of the Assembly of the African Union (AU) on the AfCFTA.
Moussa Mahamat, chairperson of AU Commission was handed over the legal instruments signed by 40 African countries at the signing ceremony.
After the signing, the agreement will be submitted for ratification by state parties of the agreement in accordance with their domestic laws.
Experts said African regional integration will help enhance economic development.
- Nigeria, Kuwait sign air service agreement
- IRC warns of a worsening humanitarian crisis in climate-vulnerable West…
- UBA wins FT's The Banker's Africa top award, best bank in 8 countries
- AFC,AfDB collaborate to drive $350m for African infrastructure
- U.S. Chamber of Commerce releases roadmap to empower African farmers
This, Ismael Buchanan, dean of the School of Economics and Governance at the University of Rwanda. said will be achieved through the lowest transaction costs for business, lower risks associated with investments, expansion of markets, better utilisation of economies of scale in production and more efficient allocation of resources.