30th May marked the date for the coming into force of the African Continental Free Trade Area (AfCFTA), the largest free trade agreement in the world since the founding of the World Trade Organization (WTO), which will involve the leading fisheries powers.
This means creating a single continental market of assets and services with free movement of people, goods and investment, similar to that of the European Union. At an initial stage, the 90% tariff on African products will be removed, although it is yet to be determined who will benefit from such a measure.
The AfCFTA will comprise more than 50 countries, including South Africa, Morocco, Mauritania, Mozambique, Senegal, Angola, Namibia and the Ivory Coast. On 7th July, a Summit of heads of state will be held to lay the foundations for this new economic agreement.