IP rights in the world’s largest free trade area
Inspired, perhaps, by the success of the European Union, the African Union concluded The Agreement Establishing The African Continental Free Trade Area (AfCFTA agreement) in 2018, to create the world’s largest free trade area, consisting of more than 50 countries. This exciting development will bolster trade in Africa considerably and intellectual property owners would be well-informed to develop a meaningful IP strategy to take advantage of this growth market.
The African Continental Free Trade Area
AfCFTA will create a single market for goods and services in Africa, which will boost economic growth and enhance the continent’s competitiveness internationally. The agreement was signed on March 21, 2018, in Kigali, Rwanda, by 44 African countries, and it entered into force on May 30, 2019, after surpassing the threshold of ratification by 22 member states.
The AfCFTA will be the world’s largest free trade area encompassing 54 of the 55 African Union member states, with a combined population of 1.3 billion people and a total Gross Domestic Product (GDP) of $3.4 trillion. The only African country that has not yet joined the agreement is Eritrea.
