The 12th Extraordinary African Union Summit, held in Niamey on July 7, 2019, marked a historic milestone with the launch of the African Continental Free Trade Area (AfCFTA). Initially adopted in Kigali on March 21, 2018, and entering into force on May 30, 2019, the AfCFTA aims to bolster intra-African trade.

During the summit, 27 countries were recognized for ratifying the AfCFTA, with 28 others having signed but not yet ratified, leaving Eritrea as the only non-signatory. Ghana was also announced as the host for the AfCFTA secretariat.

Key instruments adopted included:

• Rules of Origin: Guidelines for duty-free trading conditions.
• Tariff Concessions: A plan for 90% tariff liberalization by July 1, 2020, with a 10-year phase for “sensitive products”.
• Online Mechanism for Non-Tariff Barriers (NTBs): A system to monitor and eliminate NTBs.
• Pan-African Payment and Settlement System: Facilitates local currency payments and net settlements in foreign exchange annually.
• African Trade Observatory: A trade information portal to enhance access to trade data and opportunities.

The AfCFTA, encompassing a population expected to grow from 1.2 billion to 2.5 billion by 2050, aims to increase intra-African trade from the current 15-18%, stimulate regional production, and enhance African companies’ global market access