Facilitating the movement of goods and services across the continent

Madagascar’s integration into AfCFTA is progressing. The Council of Ministers approved the bill establishing this free trade area.

Madagascar’s entry into the African Continental Free Trade Area (AfCFTA) is advancing. After consultations with economic stakeholders, the authorities developed a bill to formalize the process. This resolution was submitted to the Council of Ministers on Wednesday and has now been approved. One of AfCFTA’s primary goals is to gradually reduce tariff and non-tariff barriers between African countries, facilitating the movement of goods and services across the continent.

The objective of this agreement is to enhance trade between African Union member states by removing taxes on imported goods. The private sector, whose key players are the first to be impacted by potential AfCFTA integration, has also endorsed this ratification. According to UNDP, signing these agreements will be a critical step for the country, as it aims to leverage this catalyst to accelerate Madagascar’s economic integration.

By fully complying with this agreement, Madagascar is poised to reap the benefits of a growing global market. However, this bill must still pass through both legislative chambers before it is fully approved. Meanwhile, Madagascar has completed its national plan to incorporate this free trade area.