The African continent free trade zone was declared to be established and attract international public attention

China news agency, Beijing, July 9th Comprehensive news: The 12th African Union Special Summit was held in Niamey, Niger, from 7th to 8th local time. The summit announced that it will officially launch the African Free Trade Area (hereinafter referred to as " The construction of the African Free Trade Zone has caused widespread public concern.

According to the African Union website, the African Free Trade Area Agreement entered into force on May 30. Up to now, among the 55 members of the AU, 54 members have signed the agreement except Eritrea, and 27 members have submitted the agreement to the AU Commission after approval according to relevant national legal procedures.

The summit decided to set up the African Free Trade Area Secretariat in Ghana to launch five approved trade policy instruments for the African Free Trade Area, namely, origin agreements, online consultation forums, monitoring and reduction of non-tariff barriers, Digital Payment System and African Trade Observing Portal.

The summit also announced that African trade ministers agreed that the African Free Trade Area will be officially operational in July 2020, which will bring buffer time for countries to coordinate agreements.

The AU’s rotating chairman and Egyptian President Seyce said at the summit that “the African Free Trade Area will become one of the largest free trade zones in the world” and “this is an important step in Africa”. The African multi-nation political leaders attending the meeting believe that the construction of the African Free Trade Area will bring important development opportunities for Africa. It is hoped that the development of the free trade zone will stimulate the economic potential of the African continent, reduce trade barriers, promote regional economic and trade exchanges, and strengthen African countries. Economic complementarity, creating a better investment environment and increasing people's employment and income.

The launch of the African Free Trade Zone has caused widespread public concern. Reuters report analysis said that if the African continent free trade zone is successfully built, it will cover nearly 1.3 billion people, and the total economic volume in the region will reach 3.4 trillion US dollars, which means that Africa's development has entered a new era. Based on the population and the number of members, this is the world's largest free trade zone since the establishment of the World Trade Organization.

Reuters also reported that the data showed that intra-African trade accounted for 17% of its total trade in 2017, while intra-Asian trade accounted for 59% and Europe's intra-regional trade accounted for 69%. Agence France-Presse quoted African officials at the meeting as saying that most of Africa's trade is for exports to countries such as Europe and the United States. "It is time to change the rules of the game and increase intra-regional trade."

The Under-Secretary-General of the United Nations, Amena Muhammad, pointed out that "on the rise of protectionism, increased trade tensions and even threatening global economic stability and progress, Africans should be proud of the agreement."

The launch of the African Free Trade Area has been negotiated for four years. In June 2015, AU member states initiated negotiations on the Free Trade Area of the African continent; in March 2018, the African Free Trade Area Agreement was adopted in Kigali, Rwanda and signed by countries; on May 30, 2019, in 22 After the signatory countries approved and submitted the relevant documents, the African Free Trade Area Agreement entered into force.

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