Trade : Algeria ratifies African Continental Free Trade Area deal
APS - 15 December 2019
ALGIERS – Algeria has ratified on Sunday in Accra (Ghana) the African Continental Free Trade Area AfCFTA deal, said a communiqué of the Ministry of Trade. Algeria’s official ratification of the AfCFTA deal came during the African Trade Ministers Meeting held Sunday in Accra.
Minister of Trade Saïd Djellab said that the launch of the AfCFTA was a "crucial step forward to reinforcing cooperation and exchanges between the African States," which possess significant natural agricultural and mining resources.
The coming into effect of the Deal will liberate the African States from their dependence in terms of raw materials extraction and will boost inter-African commerce, said Djellab. The Deal ratification will allow the African States to benefit from the progressive removal of tariff obstacles over a period of 5 years as from its coming into effect in July 2020. By officially announcing its membership to the African Continental Free Trade Zone, Algeria reaffirms its determination to promoting and developing economic relations between African countries, according to the same source.
Algeria had recently organized a National Conference on the challenges of the African Continental Free Trade Area in order to explain its importance for the national economy and the economies of African States. Algeria is the 30th African country to officially join the African Continental Free Trade Area.