In a recent development that has the potential to create a US $ 3.4 trillion economic bloc besides help give a boost to the textile and garment sector of Africa, especially countries like Ethiopia, Lesotho, Egypt and Nigeria that have a history of making readymade garments and textiles, African leaders met this Sunday at Niger’s capital Niamey to launch the African Continental Free Trade Area (AfCFTA).
“The eyes of the world are turned to Africa,” maintained Egyptian President and African Union Chairman Abdel Fattah al-Sisi at the summit’s opening ceremony, adding, AfCFTA will reinforce our negotiating position on the international stage. It will represent an important step.”
It may be mentioned here that if successful, the free trade zone would unite 1.3 billion people besides unlocking Africa’s long-stymied economic potential by boosting intra-regional trade, strengthening supply chains and spreading expertise.
Plans for the free trade zone received a boost when Africa’s largest economy, Nigeria, became the 25th country to ratify the trade agreement recently.
The general agreement has been signed by 54 of Africa’s 55 countries.
“With AfCFTA expected to be operational soon, the AU expects member states to start to liberalise trade relations with each other,” observed African Union Commissioner for Trade and Industry Albert Muchanga in an earlier interview, adding, “The textile and apparel sector has the potential to create mass employment opportunities for the continent’s youth and women, promote intra-African trade and integrate Africa into the global economic value chain.”
After four years of talks, an agreement to form a 55-nation trade bloc was reached in March, paving the way for the Sunday’s African Union summit in Niger.
