The 30th of May marked the implementation of the African Continental Free Trade Agreement (AfCFTA), a development that will see the agreement’s members remove tariffs on 90% of goods, thereby allowing free access to goods and services across the Africa.
So far, 24 out of Africa’s 54 member countries have ratified the agreement, as Malawi has not yet signed in, citing precautionary measures. “We wanted to have input from the private sector. We have to tread carefully as there might be disadvantages.” said Ministry of Industry, Trade and Tourism Secretary, Ken Ndala.
In May, former Industry Trade and Tourism Minister, Francis Kasaila, said that Malawi was still consulting and will only ratify after consultations are concluded.
Finally Malawi is in the agreement is in full force as African Union Commissioner for Trade and Industry, Albert Muchanga, announced on twitter. The post reads; “Historic milestone! #AfCFTA Agreement has today come into force. We celebrate the triumph of bold, pragmatic & continent-wide commitment 2 economic integration. We launch market on 7 July 2019 & begin the journey of transformation 2 secure inclusive prosperity,”