TO: PRINT AND ELECTRONIC MEDIA HOUSES
FROM: KGANKI MATABANE
DATE: 31 May 2019
The Black Business Council (BBC) views the African Continental Free Trade Agreement as a positive
step for full economic integration of the African continent.
AfCFTA is a trade agreement between 52 African Union member states, with the goal of creating a single market followed by free movement and a single-currency union. The AfCFTA was signed in Kigali, Rwanda on 21 March 2018 and came into force on Thursday, 30 May 2019, after being ratified by the parliaments of 24 countries in the continent and a unified market would be launched on 07 July 2019.
“The BBC is pleased by this historic milestone and lauds African Union (AU) and the Heads of State in the continent for their relentless efforts in making sure that this became reality. The courageous and pragmatic continent-wide commitment to economic integration is a step in the right direction.” says Sandile Zungu, BBC President.
The trade deal will create a single market for goods and services by removing existing trade barriers across Africa. The agreement is expected to boost regional trade by reducing tariffs and allowing companies to expand and enter new markets.
“Black business in its entirety is willing and more than ready to conduct meaningful business in the continent with fellow Africans (1.2 billion people with a combined GDP of more than $2.5 Trillion) in order to grow the economies of both the continent and South Africa.” concluded Zungu.
About the Black Business Council
The Black Business Council (BBC) is the over-arching confederation that represents black professional, business associations and chambers. The primary purpose of the BBC is to lobby government on policy related matters and to play an advocacy role where policies are in place in order to accelerate the participation of black business in the mainstream economy.