Tanzania joins African free trade with GDP of $3.4trn
Tanzania ratifies the agreement establishing that the African Continental Free Trade Area (AfCFTA), effectively joins a pact connecting countries with a total gross domestic product $3.4 trillion.
Minister of Industry and Trade, Kitila Mkumbo, made the announcement via Twitter, noting the country has joined a market of 1.2 billion customers.
AfCTA was first opened for signing in April 2018 but came into application in 2019 after the requisite minimum of 21 of the 55 member states ratified it.
Tanzania had not formally joined although former President John Magufuli signed on the agreement in 2019. After signing, parliamentary approval is required for ratification of the agreement.
The ratification is an indicator of President Suluhu’s intention to return the country to regional integration.