Leaders of 44 African countries signed an agreement on Wednesday to create a free trade bloc. The deal was signed at a ceremony in Rwandan capital Kigali.
The pact, which aims to build an African Continental Free Trade Area, will remove barriers to trade such as tariffs and import quotas, the BBC reported. The agreement is expected to come into force within six months.
African Union Commission Chairperson Moussa Faki Mahamat said the deal was a “glorious challenge, which calls for the courage to believe, the courage to dare and the courage to achieve”.
Nigeria, South Africa and eight other African countries refused to sign the deal. But African Union Commissioner for Trade and Industry Albert Muchanga said the bloc was certain that the ten countries will soon come on board the plan, CNN reported.
“We will not agree to anything that will undermine local manufacturers and entrepreneurs, or that may lead to Nigeria becoming a dumping ground for finished goods,” Nigerian President Muhammadu Buhari said.
South African President Cyril Ramaphosa said his government would sign the agreement once the country’s Parliament processed and ratified related legal instruments.
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