Somalia cabinet has approved the Africa Continental Free Trade Area (AfCFTA) treaty for ratification to help spur trade with other African countries.
A statement issued by the office of the acting Prime Minister Mahdi Mohamed Guled said on Friday that the bill which was submitted to the cabinet during its weekly meeting on Thursday was unanimously approved.
“The mission of AfCFTA is to create a single market for free trade in goods and services, to achieve free movement of traders and investors across the continent, and to expand trade within Africa through better integration,” it said.
The cabinet said under AfCFTA, Somalia will have the opportunity to sell its products on the continent, tap investment, and boost intra-Africa trade.
Initially scheduled for July, the implementation of the AfCFTA agreement was postponed due to COVID-19.