African Continental Free Trade Area (ACFTA)
The 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union, held in Addis Ababa, Ethiopia in January 2012, adopted a decision to establish a Continental Free Trade Area (CFTA) by an indicative date of 2017. The Summit also endorsed the Action Plan on Boosting Intra-Africa Trade (BIAT) which identifies seven clusters: trade policy, trade facilitation, and productive capacity, trade related infrastructure, trade finance, trade information, and factor market integration.
The pact signed by 44 of the 55-member African Union (AU) in March-2018.
Benefits to African Continent:
Such trade diversification from relatively less labour-intensive sectors to value-added industrial products would in turn lead to sustained economic growth and employment generation.