Malawi has submitted its instrument of ratification of the African Continental Free Trade Area on the 15th of January this year, making it the 35th member state to ratify the agreement.

The Ratification follows the deposits of the agreement instruments which were signed by President Lazarus Chakwera on November 1 2020 to the African Union Headquarters in Ethiopia.

The AfCFTA provides the opportunity for Africa to create the world’s largest Free Trade Area with the potential to unite more than 1.2 billion people in $2.5 trillion economic bloc and usher in a new era of development.

Meanwhile, the National Association for Small and Medium Enterprises (NASME) (Daily Times dated January 18, Business section) said the ratification will broaden the market for agricultural products which Malawi mainly exports, hence contributing to the Gross Domestic Product growth of the country.

Chairperson for NASME, William Mwale, said:  “We will be able to compete in a global village and exchange goods and raw materials including finished products which will help the country to grow.”

 The AfCFTA which also works with Economic Commission for Africa (ECA) and United Nations Conference on Trade and Development (UNCTAD) is set to create one of the largest free trade markets in the world and it will involve the removal and reduction of taxes on some products.