Business
New trade agreement between African countries takes effect
The new trade agreement between African countries is in effect as of yesterday.
Officially, a new trade agreement between African countries is in effect as of yesterday.
Under the new trade deal, 1.3 billion people in Africa will be under the umbrella of a single business worth more than $ 3 trillion.
Trevor Sumumba, an economist, also explained that the new trade deal will make it easier for African countries to take their finished goods to other African countries and will encourage African countries to start producing finished goods.
Countries under the system are expected to deduct tariffs in the next few years.
It was the coronavirus pandemic that delayed the launch of the new trade agreement, and it was stated that it would take years before the impact of the continent’s economic integration could be felt.
