49 African Union members sign continental FTA, Nigeria abstains
- 6 years ago
Forty-nine out of 55 member nations of the African Union have signed a continental free trade agreement.
South Africa, Sierra Leone, Namibia, Lesotho and Burundi were the latest members to sign the AfCFTA at the end of the 31st AU summit in Nouakchott on Tuesday.
Nigeria abstained, saying it wants more time to consult with relevant stakeholders.
Chad and Swaziland ratified the agreement, which brings the total number of ratifications to six.
Sixteen more ratifications are needed for the trade deal to come into force.
The AU says the continental trade deal could create an African market of over 1.2 billion people with a GDP of two-and-a-half-trillion U.S. dollars.
South Africa, Sierra Leone, Namibia, Lesotho and Burundi were the latest members to sign the AfCFTA at the end of the 31st AU summit in Nouakchott on Tuesday.
Nigeria abstained, saying it wants more time to consult with relevant stakeholders.
Chad and Swaziland ratified the agreement, which brings the total number of ratifications to six.
Sixteen more ratifications are needed for the trade deal to come into force.
The AU says the continental trade deal could create an African market of over 1.2 billion people with a GDP of two-and-a-half-trillion U.S. dollars.