CAPE TOWN, South Africa – The African Continental Free Trade Agreement that went into force in May benefits Africas lubricants blenders by reducing tariffs and other barriers to doing business with other countries within the continent, industry insiders said Nov. 6 at a conference here.
The free trade agreement aims to establish a single market for goods and services on the African continent. The agreement will allow free movement of business travelers and investments and create a single customs union aimed at encouraging intra-African trade and investments. According to the African Union website, the agreement was adopted in March 2018 and went into force on May 30 of this year. The last of the continents 54 countries signed onto the agreement on Oct. 7.