Bill to ratify Africa trade pact heads to Parliament
African heads of states and governments during the African Union Summit for the agreement to establish the Continental Free Trade Area in Kigali, Rwanda, on March 21, 2018. AFP PHOTO
African Continental Free Trade Area (AfCFTA) is expected to establish a single market with its backers saying it will spur industrialisation, infrastructure development and economic diversification across the continent that is home to more than 1.2 billion people.
Kenya took the first official step to enter Africa’s biggest trading bloc after the Cabinet used its sitting yesterday to approve a bill for ratifying the treaty.
Last week, President Uhuru Kenyatta joined 43 other African leaders in signing the African Continental Free Trade Area (AfCFTA) pact in Kigali, Rwanda.
The bill will be presented to Parliament within the next few days following its approval.
The Cabinet has asked the private sector to prepare to extend their foothold into all the 54 African nations “once Kenya becomes among the first nations to ratify the AfCFTA”.
“It is a great opportunity to export goods and services to the continent,” the Cabinet said.
The AfCFTA is expected to establish a single market with its backers saying it will spur industrialisation, infrastructure development and economic diversification across the continent that is home to more than 1.2 billion people.
When fully implemented, the treaty is expected to enable residents of all member countries to enjoy the convenience of a single passport and currency.
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