
The African Continental Free Trade Area came into effect on May 30, following its ratification at the end of April by 22 African countries. This free trade zone will work towards reducing tariffs and increasing intra-African trade. 52 members of the African Union have pledged to join the free trade zone, and 24 have already ratified the agreement. The next step in the implementation of the agreement is July 7, when the operational phase of the project begins. The African Union hopes that the agreement will increase trade among African countries by 60 percent over the next three years.