South Africa joins 50 African countries in free trade agreement

South Africa joins 50 African countries in free trade agreement

- 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

PAY ATTENTION: Click "See First" under the "Following" tab to see Briefly news on your News Feed!

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.

READ ALSO: Health Minister Aaron Motsoaledi admits R259m NHI figure is made up

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.

READ ALSO: RAF rents chairs for R1 666 pm while motorists fund broke organisation

For more amazing, funny and informative videos, please visit Briefly South Africa's YouTube Channel.

Do you have a story to share with Briefly? Visit our Facebook page where you can send us a message or leave us a comment. Your story could be shared online.

To stay up to date with the latest news, download our news app on iTunes or GooglePlay today.

Source: Briefly.co.za

Related news
Malema: The financial sector must be disrupted to empower black people

Malema: The financial sector must be disrupted to empower black people

Malema: The financial sector must be disrupted to empower black people
Briefly.co.za
Mailfire view pixel