The Ministry of Trade spokesperson Mayeso Msokera has confirmed that the Ministry of Trade in collaboration with the Ministry of Justice is preparing instruments to be deposited with the African Union (AU) for the ratification of the African Continental Free Trade Area (AfCFTA).
“We are proceeding with ratification after successful consultations with key stakeholders. We will do so
before the year ends,” he said
As of November 11, only 30 AU member States had rati¦ed the AfCFTA agreement. Once the agreement comes into effect, 90 percent of the products in Africa will enter duty-free.
It has not been an easy decision to prepare instruments for ratification, as the government, incumbent and former were weighing the pros and cons of ratification. A study by the Ministry of Industry, Trade and Tourism, (under Francis Kasaila) in partnership with the European Union (EU) has shown that Malawi will lose K8 billion per year, if the country ratifies the African Continental Free Trade Area (AfCFTA). While the government decided, the private sector underwent sensitization workshops for stakeholders together with the United Nations Economic Commission for Africa (UNECA) to make them understand the ratification.