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President Filipe Nyusi signing the agreements in Kigali, yesterday. Photo: Notícias
Mozambican President Filipe Nyusi yesterday joined 44 of the 55 representatives of African Union (AU) member states in Kigali, Rwanda, in signing the agreement to launch the African Continent Free Trade Area (ACFTA).
The Mozambican head of state also signed the protocol on free movement of persons and residence, Rádio Moçambique announced.
The launching of free trade bases and the creation of the single continental passport were the two main themes of the AU summit.
Speaking from the Rwandan capital, Mozambique’s Minister of Foreign Affairs and Mozambican Cooperation José Pacheco told Radio Mozambique that, from the point of view of opening markets, the agreement “is a challenge, because the other member states will also be looking at export opportunities for their products.”
According to the minister, “as a continent as a whole, the advantage is very great, because we can harmonise efforts” in negotiations with other trading blocs, he said.
Although signed, it is not known when the agreement will come into force. The next step is the internal ratification of the signatory states – at least 22 confirmations are necessary for the ACFTA to enter into force.
The African Continental Free Trade Area has the potential to become the largest single market in the world, with the 55 AU member states together representing gross domestic product of US$2,500 billion (EUR 2,030 billion).
Breaking: Mozambique signs landmark African Continental Free Trade agreement https://t.co/AqbIRLYc37 #AfCFTA #AfCFTA2018 @_AfricanUnion @AUC_MoussaFaki #Trade #Mozambique #Africa pic.twitter.com/7QtlYkDOon
— Club of Mozambique (@clubOmozambique) March 21, 2018