Japan Welcomes Entry Into Force Of African Continental Free Trade Area - Foreign Ministry

Japan welcomed on Friday the entry into force of the Agreement Establishing the African Continental Free Trade Area (AfCFTA), which aims to boost intra-African trade by 52 percent by 2022, the Japanese Foreign Ministry said

MOSCOW (UrduPoint News / Sputnik - 31st May, 2019) Japan welcomed on Friday the entry into force of the Agreement Establishing the African Continental Free Trade Area (AfCFTA), which aims to boost intra-African trade by 52 percent by 2022, the Japanese Foreign Ministry said.

On Thursday, the African Union (AU) announced the launch of the AfCFTA, since Gambia became the 22nd country to ratify the agreement in April, thereby meeting the minimum requirement for the free trade zone to come into force. The free trade agreement aims to create a tariff-free African continent that can help boost intra-African trade and local businesses as well as spur industrialization and job growth.

"The Government of Japan welcomes the entry into force of the Agreement Establishing the African Continental Free Trade Area (AfCFTA) on May 30," the Japanese Foreign Ministry said in a statement.

The statement added that Japan hoped that the agreement will promote trade throughout African members states and contribute to economic growth throughout Africa.

Additionally, Japan said it would support initiatives taken by members of the African Free Trade Area through the process of the Tokyo International Conference on African Development.

AfCFTA was signed by 44 out of 55 African countries when it was launched in Rwanda's capital, Kigali, in March 2018. Although most countries have now signed the agreement, Nigeria, one of Africa's leading economies, along with Benin and Eritrea, has refrained from signing it for unspecified reasons.