African Continental Free Trade Area (ACFTA)

Why in News?

The pact — signed by 44 of the 55-member African Union (AU) is a potential game-changer for the world’s poorest region.

 

FACTS FOR PRELIMS

About the Agreement

The African Continental Free Trade Area (ACFTA) seeks to create a single market in goods and services, free movement of persons and investment, and eventually a customs union with a common external tariff.

AfCFTA will bring together 1.2 billion people with the combined gross domestic product (GDP) of more than $2 trillion from the entire continent of Africa comprising of 55 countries.

 

Source-The Hindu.