The leaders of Nigeria and Benin signed the accord for the African Continental Free Trade Area at a special African Union meeting in Niger’s capital, Niamey, last weekend. Eritrea is now the only AU-recognized nation that hasn’t agreed to it.
While it’s still a long way off from being fully in operation — perhaps by 2030 — the free-trade area is important for a couple other reasons:
- Once all 55 countries are on board, the area would cover a market with a population similar to that of India, and a combined gross domestic product of $2.5 trillion.
- There is a lot for room for improvement. Trade between African countries is about 15%
of the total and this could more than double within the first decade after implementing the deal, according to the African Export-Import Bank.
CENTER FOR AFRICAN STUDIES
Center for Africa Studies (AFRAM) which located in Ankara, is an organization facilitating under the administration of African Affairs Council (AFAC). It makes various researches about Africa to enhance economic and cultural bounds between Africa and Turkey. AFRAM’s publishings has been shared with different institutions as they require to obtain.
Africa Observatory is one the publishing of AFRAM and it has been published each two weeks. It has been delivered to different institutions via e-mail.