- South Africa has joined 50 other African countries in a move which will lead to free trade on the continent
- On Sunday, President Cyril Ramaphosa announced that he was pleased that South Africa had joined the group of nations
- The free trade still needs to undergo a lot of work and will have to be ratified by Parliament before it becomes a reality
South Africa has joined a group of nearly 50 African countries in the African Union’s (AU) African Continental Free Trade Area. Minister of Trade and Industry Rob Davies confirmed that South Africa had signed the document on Sunday.
Shortly after the announcement, President Cyril Ramaphosa said he was pleased that South Africa had joined the group of nations.
In March, Ramaphosa signed the Kigali agreement which committed South Africa to sign the trade agreement once it had received further clarification on certain agreements within the deal and had cleared certain internal Constitutional consultations.
Briefly.co.za gathered that the African Continental Free Trade Area agreement still has a long way to go before it becomes a reality.
Davies said there was a lot of work to be done and details to be hammered out before the deal became commercially viable.
Once a final deal has been agreed to by all member countries in the group the deal will have to be ratified by Parliament and signed into law.
Only six countries have ratified the agreement, at least 16 more countries will have to follow their lead before the deal becomes commercially sustainable.
Davies explained that the government felt comfortable signing the deal after it legal advisers had worked through the document and approved its signature on a legal basis.
The deal aims to ease inter-continental trade and movement of goods, services and people. In March, Ramaphosa said the deal could eventually lead to Africa becoming less reliant on foreign investment.
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