The Gambia’s National Assembly ratifies the Africa Continental Free Trade agreement on Monday. The ratification brings into force an African single trading bloc that will be one of the biggest in the world with an estimated market size of over 7 trillion dollars ($7trn).   

The Gambia became the 22nd country to sign and ratify the free trade treaty, that required a minimum of 22 ratifications to bring it into force.  

The minister of Trade and Regional Integration, Lamin Jobe, told parliamentarians before the ratification that the free trade treaty seeks to position the African continent to better explore its numerous trade and investment opportunities and contributes positively towards the structural transformation of African economies.

Jobe said the treaty is one of the flagship projects of the Agenda 2063 of the African Union.

“The main objective is to achieve a comprehensive and mutually beneficial trade agreement among members’ states of African Union which will realise the potential to expand and accelerate the growing diversification and dynamism of intra-African trade and aims to increase trade among the African countries to 50% by 2022.”

He added that although the implementation of the idea offers “good deal of opportunities” for The Gambia, it also comes with challenges.

“Goods coming from other states would no longer attract duty and that may impact negatively on the country.”

The National Assembly Member for Kantora, Billay G Tunkara, seconded the motion, and said the trade agreement is a win-win situation for the country as it will create employment opportunities for Gambians and also give them the varieties of choices within the continent.

The Africa Free Trade treaty was signed in March 2018 by African leaders in Kigali, Rwanda to foster closer trade ties in the continent. The flagship African Union trade deal will reduce trade barriers such as tariffs and increase trade and the free movement of people across the continent.