SENEGAL AUTHORISES RATIFICATION OF TREATY ON CFTA

DAKAR– Senegal has adopted a bill authorising its president to ratify the Treaty Establishing the Continental Free Trade Area (CFTA) brokered by the African Union (AU) and initially signed by 44 of its member states in Kigali, Rwanda on March 21, 2018. The measure followed a decision by the Council of Ministers.

The treaty has been hailed as a significant step towards the economic integration of the continent by strengthening inter-African trade which currently levels at 16% of total trade.

At the AU summit of heads of state and government held in July in Nouakchott, Mauritania, five more countries — South Africa, Burundi, Lesotho, Namibia and Sierra Leone — initialled the treaty, bringing to 49 the number of signatory countries.

The CFTA, which took two years of negotiation, is one of the flagship projects of the AU Agenda 2063.

It should come into force in January 2019, but states have 10 years to reach a generalization of the treaty measures.

Source: NAM NEWS NETWORK


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