New Trade Zone Agreement in Africa

New Trade Zone Agreement in Africa New trade zone agreement entered into force in Africa. Countries in Africa started to trade under the free trade agreement signed on Friday. African countries started to trade on Friday within the scope of the recent free trade zone agreement covering the entire continent. However, experts say it may take years for the agreement to be fully implemented. With the continental African Free Trade Area (AfCFTA) agreement, 1.3 billion people and an economy of 3.4 trillion dollars will be brought together. Thus, it is aimed to create the largest free trade zone after the establishment of the World Trade Organization. Supporters of the agreement point out that the AfCFTA will enable the continent to create its own value chain by increasing trade between neighboring countries. According to estimates released by the World Bank, the agreement could save tens of millions of people from poverty by 2035. Except for Eritrea, all countries in Africa signed the agreement, while 34 of them approved the agreement. The AfCFTA was expected to be implemented on July 1, but due to the delays in one-on-one negotiations due to the coronavirus epidemic, the agreement was postponed to a later date.