The African Continental Free Trade Area (AfCFTA) is covering 87.7% of total tariff lines on commodities of member states to improve free trading.
This is on the basis of origin rules after negotiations among member states during a press briefing chaired by Ebrahim Patel last Saturday on January 29, 2022.
According to the progress report from the secretary-general, Wamkele Mene in a press release, the council of ministers noted the conclusion of negotiations on rules of origin was an important milestone towards a successful implementation of the free trade pact hence the necessary steps should be undertaken to gazette the schedules of tariff concessions, in accordance with the applicable national legislation.
While negotiations are in an advanced stage of completion with 46 member states that have submitted their schedules of specific commitments, the Council of Ministers however has directed that the negotiations should be concluded by June 30, 2022.
The Ministers then acknowledged the mobilization of the facility of US$ 1 billion by Afreximbank for the development of the automotive value chain to support industrialization and create one market in Africa as well as AfCFTA’s effort to collaborate and conclude an engagement plan with the private sector.
