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Mozambique May Ratify African Continental Free Trade Agreement Within Days

Mozambique May Ratify African Continental Free Trade Agreement Within Days

The Mozambican Government may ratify, within the next few days, the Access Agreement to the African Continental Free Trade Area, which, among several benefits, foresees tax exemption in trade of goods and services in 54 countries.

Speaking recently in the district of Nacala-à-Velha, Nampula province, the Minister of Industry and Trade, Silvino Moreno, defended that the adhesion to this pact is another opportunity that opens up for the improvement and overcoming of the persistent deficit of the trade balance.

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As a matter of fact, according to data advanced by the shared portfolio in 2021, the trade balance deficit marked 5583 million dollars of exports (a 55% growth), against 8618 million dollars of imports (a 33% growth).

Signed in 2016 by 44 countries in Rwanda’s capital Kigali, the Access Agreement to the African Continental Free Trade Area only began to be ratified in December 2020, and came into force in January 2021.

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By the beginning of this year, the African Continental Free Trade Treaty had been ratified by 42 states, covering more than 70 percent of trade between the economies of this region of the world. The success of the treaty is seen as a hope for Africans living in poverty and for benefiting groups in fragile situations, such as more than 70 percent of women in various sectors, including the informal sector. Analysts look to this initiative as the basis for the continent’s recovery.

As a matter of fact, market access is projected to potentially reach more than 1 billion consumers, but it is believed that some 2.5 billion people could benefit by the middle of this century.

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