NAIROBI, March 27 (Xinhua) -- Kenya's Cabinet on Tuesday approved the Africa Continental Free Trade (AfCFTA) treaty for ratification.
The Cabinet which was chaired by President Uhuru Kenyatta urged the private sector to take full advantage of the business opportunities presented by the AfCFTA deal which was inked in Rwnada last week to extend Kenya's foothold into all the 54 African nations.
"It is a great opportunity to export goods and services to the region and the continent," the Cabinet said in a statement issued after the meeting.
The Bill for ratifying the treaty, which was signed in Kigali on March 21 by 44 African nations, will be presented to Parliament within the next few days following its approval by Cabinet in its first sitting.
The treaty will come into effect after it is ratified by 22 countries and Kenyatta said Kenya will be one of the first countries that will adopt the agreement.
According to the Africa Union, AfCFTA aims to establish a single liberalized market that will spur industrialization, infrastructural development, economic diversification and trade across the continent that is home to some 1.2 billion people.
The pact also seeks to promote industrial development through diversification, regional value chain development, agricultural development and food security.
When fully implemented, the treaty is expected to enable residents of all member countries to enjoy the convenience of a single passport and currency.
The trade deal also binds all State parties to eight objectives including the progressive elimination of tariffs and non-tariff barriers to trade in goods.
The signatory State parties are also expected to progressively liberalize trade in services.
Under the agreement, African countries will establish a mechanism for the settlement of disputes concerning their rights and obligations.
According to the statement, the Cabinet also approved for ratification the tripartite free trade agreement bringing together the Common Market for Eastern and Southern Africa (COMESA), the Southern African Development Community (SADC) and the East African Community (EAC).
