AfCFTA

Syllable breakdown

Dictionary meaning

the African Continental Free Trade Area, a free trade agreement among fifty-four of the fifty-five African Union member states that entered into force in 2021, creating the world's largest free trade area by number of participating countries; AfCFTA aims to eliminate tariffs on ninety percent of goods, liberalise trade in services, and establish continental rules on investment, intellectual property, and competition policy; proponents argue it could boost intra-African trade dramatically — which at approximately fifteen percent of total African trade is far lower than the equivalent figures for Europe or Asia — while critics note that infrastructure deficits, divergent regulatory frameworks, and political resistance to tariff reduction may limit its practical impact