Zambia’s cabinet has approved the ratification of the African Continental Free Trade Area (AfCFTA), a spokesperson said on Tuesday.
Chief Government Spokesperson, Dora Siliya said the cabinet approved the ratification of the agreement during its sitting on Monday, Oct. 26.
She said the ratification of the agreement will enable the country to have access to a larger market and to harmonise trade instruments across the continent’s regional economic communities.
“The agreement creates a single continent-wide preferential market for goods and services and it will accelerate continental integration and access to overlapping membership of the regional economic communities which tend to limit the efficiency and effectiveness of these organisations,’’ she said in a release.
The agreement was brokered by the African Union (AU) on March 21, 2018 and entered into force on May 30, 2019.
Zambia signed the agreement on February 10, 2019.
The AfCFTA covers a market of more than 1.2 billion people.