Tanzania finally joins African Free Trade Area
The Parliament of Tanzania, sitting in Dodoma, has finally ratified the Agreement Establishing the African Continental Free Trade Area.
Minister of Industry and Trade, Dr Kitila Mkumbo points out that the decision signals greenlight for the country to join the continental trading eco-system whose economy is projected at US $3.4 trillion and counting.
Tanzania is already member of other trading blocs, including the East African Community and Southern African Development Community.
The African Continental Free Trade Area ship officially sailed on the New Year 2021 with 37 countries that ratified the AfCFTA on board.
A total of 54 out of the 55 African countries, including Tanzania, have signed the agreement, but until now only 37 had ratified the AfCFTA.
Now Tanzania, through its National Assembly has ratified the agreement, allowing the country to promote its products and services across the continent, because AfCFTA targets the removal of trade barriers and strengthening of Africa’s economy.
Nigerian Vice President, Yemi Osinbajo who was on tour of Arusha recently was quoted as saying; “While the African Continental Free Trade Area offers limitless opportunities for the industrialization of Africa, authorities across the continent must take the right policy actions to actualize them!”