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BOTSWANA SIGNS THE AFRICAN CONTINENTAL FREE TRADE AGREEMENT (AfCFTA), 10th FEBRUARY 2019

Summary

Botswana signed the African Continental Free Trade Area (AfCFTA) Agreement on the 10th February 2019 during the 32nd Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU). This makes Botswana the 51st country to sign the Agreement. The Agreement provides to a market of 1.2 billion people with a GDP of $2.5 trillion across all 55 member states of the African Union.

Updated on : 11-02-2019


BOTSWANA SIGNS THE AFRICAN CONTINENTAL FREE TRADE AGREEMENT (AfCFTA), 10th FEBRUARY 2019

BOTSWANA SIGNS THE AFRICAN CONTINENTAL FREE TRADE AGREEMENT (AfCFTA), 10th FEBRUARY 2019

The 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union, held in Addis Ababa, Ethiopia in January 2012, adopted a decision to establish a Continental Free Trade Area by an indicative date of 2017. The Summit also endorsed the Action Plan on Boosting Intra-Africa Trade (BIAT) which identifies seven priority action clusters: trade policy, trade facilitation, productive capacity, trade related infrastructure, trade finance, trade information, and factor market integration. By March 2018 in Kigali, Rwanda,only 44 out of 55 African Union (AU) Member States had signed the Agreement.

Botswana signed the African Continental Free Trade Area (AfCFTA) Agreement on the 10th February 2019 during the 32nd Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU). This makes Botswana the 51st country to sign the Agreement.

Objective of the Agreement

  • The objective of the Agreemnt is to improve intra-regional trade throughout the continent in an effort to decrease Africa’s poverty rate and grow its manufacturing base by ridding the continent of all trade barriers, including non-tariff barriers and the elimination of import duties.
  • It will also expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation and instruments across the Regional Economic Communities (RECs) and across Africa in general.
  • The AfCFTA is also expected to enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better reallocation of resources.

This signing gives opportunity for the following:

  • Access to a market of 1.2 billion people with a GDP of $2.5 trillion across all 55 member states of the African Union
  • Diversified export market from Botswana’s traditional market
  • Increased opportunities for investment attraction and growth in the services sector across borders

 

 


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