KIGALI– Rwanda’s Cabinet has endorsed the draft law ratifying the African Continental Free Trade Area (CFTA), paving way for parliament’s ratification.
According to minutes of Wednesday’s cabinet meeting, the cabinet also approved Protocol on trade in goods, Protocol on trade in services, and Protocol on rules and procedures for settlement of disputes which were signed in Kigali, Rwanda, in March 2018.
The African Continental Free Trade Area treaty is geared at increasing intra-Africa trade.
Up to 44 countries signed the deal in Kigali at the last 10th Extraordinary African Union Summit of Heads of State and Government.
The CFTA agreement will be adopted after being ratified by at least 22 countries.
The CFTA is envisaged to establish a single liberalized market of 1.2 billion people.
This is expected to spur trade, industrialization, infrastructural development, and economic diversification, according to economic experts.
In the East African Community, Kenyan cabinet also in March approved the Africa Continental Free Trade Area treaty for ratification.
Source: NAM NEWS NETWORK