South African manufacturers of skincare, nail and body care products who export into Africa are likely to benefit from the African Continental Free Trade Area, which is expected to come into operation in July 2020.
Africa’s new trading block was endorsed by President Cyril Ramaphosa, when he delivered the keynote address at the 2020 edition of the Ubuntu Awards held in Cape Town at the weekend.
Stated the President: “The African Continental Free Trade Area will be an important step towards rebalancing global trade relations and levelling the playing field for African businesses. Through the Continental Free Trade Area, we want to reignite industrialisation, boost intra-African trade and benefit from the largest common market in the world.”
The agreement will see member states removing tariffs from up to 90% of goods, allowing free access to commodities, goods, and services across the continent.
Several African states, including Namibia, Zimbabwe, Mauritius, Egypt, Ghana and Kenya, have already signed the African Continental Free Trade Area agreement and ratified their membership.