April 15, 2024

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Burundi irrevocably ratifies AfCFTA agreements

 

The Office of the President of Burundi on July 6, 2021 issued a statement declaring that the country has irrevocably ratified the Agreement on the establishment of the African Continental Trade Area.

President Ndayishimiye Evariste signed and ratified the agreement on the establishment of the AfCFTA on June 17, 2021.

Burundi became the 37th country to ratify the Treaty establishing the African Common Market.

President Ndayishimiye on behalf of Burundi approved the ratification of the agreement after reviewing and analyzing its contents. It is an agreement signed in Kigali in 2018, with the heads of state of the African Union.

In December 2020, at the Extraordinary Meeting of the Heads of State and Government of the AU, it was officially launched the draft regulations on the African Common Market, which came into force on January 1, 2021.

The agreement stipulates that 90% of the goods will be tax deductible while they are traded in the African continent and that they have been produced, with a target to be achieved by at least by 2034.

At that time, Africa will be home to 1.8 billion people, out of the 1.3 billion people today. The African Common Market is expected to meet the continent’s economy and provide more than 100 million jobs.

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