AfCFTA promises more opportunities for Zimbabwean businesses beyond its sub region - trade expert

Abstract

The Zimbabwean business community has been urged to take advantage of the opportunities created by the African Continental Free Trade Area (AfCFTA) to enter African markets outside of its traditional trading areas. African Union Commission’s trade expert Willie Shumba gave the advice at a webinar on how private sector operators in Zimbabwe could benefit from the continent-wide trade bloc. The AfCFTA agreement entered into force on 30 May 2019 after 22 countries ratified the treaty – the minimum number required by the treaty. Zimbabwe ratified it on 24 May 2019, becoming one of the earliest nations to embrace the deal. The agreement aims to create the world's largest free trade area with the potential that brings together more than 1.2 billion people with a GDP of over $2.5 trillion and usher in a new era of development. The ECA works closely with the International Trade Centre (ITC), the UN Conference on Trade and Development (UNCTAD), and a selection of independent trade experts with the financial support of the European Union (EU) to support the implementation of the AfCFTA across the continent.