African Union: The Republic of Cabo Verde joined the African Continental Free Trade Area
The Secretary of State of Foreign Affairs and Cooperation of Cabo Verde, Miryan Djamila Sena Vieira signed AFTCFTA to become the forty-frst State to ratify the Agreement Establishing the African Continental Free Trade Area.The Secretary-General, H.E. Wamkele Mene welcomed Cabo Verde to enter to the African market.
To remind us the African Continental Free Trade Area (AfCFTA) created in 2018 contains 55 African economies that constitue 1.3 billion and combined GDP of $3.4 trillion.Concerning the geographical area and number of participating countries, the organization is the largest free trade area since the establishment of the World Trade Organization (WTO). Through the AFCFTA, African countries are building a single continental market for goods and services, facilitated by movement of capital and persons, thus laying the foundation for the eventual establishment of a continental Customs Union. Other objectives are the promotion of sustainable and inclusive development, industrial development and diversification.
Under this African system, countries have collectively undertaken commitments to substantially liberalise all trade by eliminating tariffs on 97% of tariff lines. Today, the Secretariat gathers 44 countries who represents 80% of African Union membership that have submitted their tariff offers. For instance, Algeria is still the latest.
“Trade in Service”
The Secretariat has received 46 initial offers submitted by State and non-State Parties, covering the five priority sectors, namely: Business, Communication, Financial, Tourism and Transport services sectors. On Trade in Services, there have been some progress in the implementation of the objectives of the Protocol on Trade in Services.Some State and non-State Parties, namely members of CEMAC (Central African Economic and Monetary Community), EAC (East African Community), and ECOWAS (Economy Community of West African States) have all presented consolidated are on process.