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Kigali, 21 March 2018 (ECA) - 鈥淲ith the听signature of听the Kigali Declaration for the Launch of the African Continental Free Trade Area,听Africa听makes听a听giant stride forward in continental integration, in the pan-African vision, and in the development of our continent鈥�,听said Vera Songwe, the Executive Secretary of the听ECA.听

Speaking during the official signing ceremony today in Kigali, Ms. Songwe听noted听that this historical moment shows the resolve of African leaders听to听bring the continent鈥檚 diversity together and听make听the听flagship project of the African Union Agenda 2063听a reality.听She听thanked听all UN agencies听for their support and said that the ECA was 鈥渉onoured to be associated with this great听and historic moment鈥�.

During the 18th听Extraordinary Session of the African Union Summit held in Kigali today,听44 African countries signed the AfCFTA, while a total of 50 signed either the agreement or the Kigali declaration underscoring their commitment to the agreement,which aims at doubling intra-African trade听by removing non-tariff and tariff barriers on goods and services.听Moreover, 27 countries also signed theseparate African听Union听Protocol on Free Movement of People, which complements the AfCFTA by providing for visa-free听travel, the right of residency and the right听of听business or professional听establishment,听for citizens听between signatory countries.

During his key note address, President Kagame of Rwanda,听Chairperson听of the African Union, said, 鈥渢he AfCFTA [was] the culmination of a vision set forth nearly 40 years ago in the Lagos plan of action adopted in 1980鈥�,听for听a continent-wide market. He also听recognized the preeminent role of the regional economic communities in fostering African integration.听

Also speaking during the historical ceremony attended by 19 heads of state,听and more prime ministers and foreign ministers,听Moussa Faki Mahamat, Chairperson of the African Union Commission, thanked the听ECA听for its support during the more than two years of negotiations.听He went on to say听鈥淎frica is a听sleeping听giant听that can鈥檛 wake up if听the continent is divided. It鈥檚 time to听accelerate听the pace听of integration, as international competition听leaves no room for the weak鈥�,听and he called听upon听African Member States to also sign the听Protocol on the free movement of persons, enabling the creation of an African passport.

The ECA Executive Secretary also urged Member States to promptly ratify the AfCFTA, recalling that the agreement will only enter into force once a sufficient number of countries have ratified the agreement.听

Likewise, the听ECA Chief听said the signing of the AfCFTA only marks听the end of the first phase of the AfCFTA negotiations, insisting听on the need for听effective implementation.听The AfCFTA Country Business Index launched by the ECA听during the Summit听will be one of the tools听to keep track听of听implementation,听through periodic surveys of听business听opinions听on the real impact听of the agreement听on trade.听

Ms. Songwe also reaffirmed the听necessity to leave no one behind, as defined听in听the Sustainable Development听Goals, by making听sure everyone benefits听from the new听opportunities created by the AfCFTA.听

According听to听the ECA,听among the听key beneficiaries听will be听small and medium sized entreprises, accounting听for听80 per听cent of the region鈥檚 businesses; women, who represent 70% of the informal cross-border traders; and the youth, who will be able to find new employment opportunities.

ECA听estimates that AfCFTA has the potential both to boost intra-African trade by 52.3%听by eliminating import duties, and to double this trade if non-tariff听barriers are also reduced.