by Onyekachi Umah, Esq., LL.M, ACIArb(UK)
On 1st January 2021, Africa became one single market, promoting free movement of persons and goods. The Agreement establishing the African Continental Free Trade Area (AfCFTA) is Africa’s move to harmonies its markets for economic integration, across all the 55 member States of the Africa. The entire process is running in phases and will require Member States (African countries) to amend their national laws, regulations, systems and policies to actualize the objectives of the AFCFTA (including; free movement of persons and goods, as well as affect dispute resolution, investment, competition policies, and intellectual property).
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The AFCFTA will among other things, lead to the African passport, the African Currency, the Single African Air Transport Market and other unified systems. Nigeria signed the Agreement establishing the African Continental Free Trade Area on 7 July 2019, ratified it on 11 November 2020 and deposited it on 5 December 2020.
Click to download free copy of the Agreement Establishing the African Continental Free Trade Area (AFCFTA)
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