The East African Community (EAC) on Saturday hailed Tanzania and Burundi for ratifying the African Continental Free Trade Area (AfCFTA) pact, saying the move will expedite the implementation of the agreement.
A statement issued by the EAC headquarters in Tanzania’s northern city of Arusha quoted the EAC secretary general Peter Mathuki as saying that the ratification of the agreement will increase EAC’s exports to African countries outside the regional bloc.
Burundi ratified the AfCFTA agreement on June 17, 2021, and Tanzania ratified it on Sept. 9, 2021.
“AfCFTA will also improve movement of people across Africa, advance trade and development aspirations and ultimately put the region in a better position to trade more with the rest of the world,” said Mathuki, adding that it was the expectation of the EAC that the AfCFTA will result in, among other things, lowering of business costs, promotion of local content and provision of a platform for settlement of disputes.
AfCFTA agreement, a blueprint for attaining inclusive and sustainable development across the African continent, was signed by 44 of the 55 African Union members on March 21, 2018, in Kigali, the Rwandan capital. Enditem