Tanzania: Tanzania becomes 38th country to ratify AfCFTA

Tanzania ratified the African Continental Free Trade Area (AfCFTA) agreement on Thursday 9 September, becoming the 38th member state to formally join the treaty. The Minister of Industry and Trade said the ratification is an indicator of the intention of Tanzania’s President, Samia Suluhu Hassan, to bring the country back into regional integration. The agreement, signed by 54 of the 55 member states of the African Union (AU), commits countries to tariff reductions of 90% over a five-year period. The AfCFTA provides a unified market of US$1.2 billion consumers with a combined GDP of US$3,000 billion, and potentially a solid basis for industrialisation. The ratification comes just two months after the Secretary General of the Free Trade Area of the Americas (FTAA), Wamkele Mene, held discussions with President Samia Suluhu Hasan.

Photo credit: Finacial Afrik