Forty-four African nations signed on Wednesday the largest free trade agreement since the establishment of the World Trade Organization more than 20 years ago, creating a continental market of around 1.2 billion people with a combined gross domestic product of more than $3.4 trillion. The deal, signed by 44 out of African Union's (AU) 55 members, is intended to boost intra-African trade and reduce the effects of volatile commodity prices on exports of member countries.
The pact is expected to enter into force by the end of this year, the chair of the AU Commission, Moussa Faki Mahamat (pictured) stated. "Our peoples, our business community and our youth in particular cannot wait any longer to see the lifting of the barriers that divide our continent, hinder its economic takeoff and perpetuate misery, even though Africa is abundantly endowed with wealth," Mahamat said. However, states that have signed the agreement now have to ratify it in accordance with their constitutional rules.
