KIGALI, Mar. 20 (Xinhua) -- Chairperson of the African Union (AU) Commission Moussa Faki Mahamat on Monday stressed the importance of the African Continental Free Trade Area (AfCFTA) in Kigali, capital city of Rwanda.
The international context, marked by "a worrisome weakening of multilateralism" and the principles of solidarity among peoples, make the execution of this flagship project crucial, said Faki at the 18th Extraordinary Session of the Executive Council of AU, part of the ongoing AU extraordinary summit on the AfCFTA.
At a time when the rest of the world is coming together and consolidating itself in the resolute defence of its strategic interests, African countries have no choice but to forge ahead, said Faki.
The chairperson said some technical issues remain to be overcome, relating in particular to the nature of the Secretariat of the Free Trade Area, the number of ratification required for the entry into force of the AfCFTA agreement and the admissibility of reservations.
The AfCFTA will induce an increase in intra-African trade of 52 percent by 2022 and significantly increase Africa's industrial and agricultural exports, according to Faki.
African leaders are expected to sign an agreement to launch the AfCFTA on Wednesday, the last day of the summit, according to the AU. It will make Africa the largest free trade area created since the formation of the World Trade Organization, the AU said.
The AfCFTA could create an African market of over 1.2 billion people with a GDP of 2.5 trillion U.S. dollars, said the pan-African bloc.
A single purchase
