Cape Verdean President Jorge Carlos Fonseca announced this Friday that he had decided to ratify Cape Verde's accession to the African Continental Free Trade Agreement (AfCFTA).
“I decided to ratify the Agreement that creates the African Continental Free Trade Area (ZCLCA) and the respective protocols”, reads the message released by the head of state, in his official account on the social network Facebook.
Cape Verde's accession to the AfCFTA was ratified last February by the Cape Verdean parliament, and the agreement aims to create a free trade zone in the 55 countries of the African Union.
The AfCFTA went into effect in July 2019 and was initially ratified by 24 countries.
It aims to establish a framework for the liberalization of goods services and aims to eliminate customs tariffs on 90% of products between African countries. The AfCFTA will allow, in several phases, to create the largest market in the world with an accumulated Gross Domestic Product (GDP) amounting to US $ 2,5 billion (approximately two billion euros).