Participants follow proceedings during the African Union (AU) summit in Addis Ababa, capital of Ethiopia, Jan. 25, 2018. (Xinhua/Michael Tewelde)
ADDIS ABABA, Jan. 26 (Xinhua) -- The African Union (AU) is set to launch three "flagship projects" during its summit, which will help accelerate Africa's integration, said chairperson of the AU commission at the ongoing summit on Thursday.
The three projects include the Continental Free Trade Area (CFTA), the free movement of persons and goods, and the implementation of Yamoussoukro decision on the single market and liberalization of air transport in Africa, said the chairperson Moussa Faki Mahamat at the opening of the 32nd Ordinary Session of the Executive Council of the AU, in Addis Ababa, capital of Ethiopia.
The United Nations Economic Commission for Africa (UNECA) estimated that the CFTA has the potential to boost intra-Africa trade by 53.2 percent by eliminating import duties and to double such trade if non-tariff barriers are also reduced.
"Consolidating this continent into a single trade area provides great opportunities for trading enterprises, businesses and consumers across Africa and the chance to support sustainable development in the world's least developed region," said Vera Songwe, Executive secretary of UNECA, at the council meeting.
The AU heads of states adopted a decision in January 2012 to establish the CFTA with an indicative date of 2017.
The launch of SAATM (Single African Air Transport Market), expected on Jan. 28, will spur more opportunities to promote trade, cross-border investments in the production and service industries including tourism, resulting in the creation of an additional 300,000 direct and 2 million indirect jobs, said AU Commissioner for Infrastructure and Energy Amani Abou-Zeid in a statement released by the pan-African bloc on Monday. It will contribute immensely to the integration and socioeconomic growth of the continent, said Abou-Zeid.
So far, 23 African countries out of 55 have subscribed to SAATM , whereas 44 African countries have signed the Yamoussoukro Decision.
