Kenya's Cabinet approves AfCFTA treaty for ratification

The treaty will come into effect after it is ratified by 22 countries and Kenya will be one of the first countries that will adopt the agreement.

Kenya's Cabinet has approved the Africa Continental Free Trade (AfCFTA) treaty for ratification.

The Bill for ratifying the treaty, which was inked in Kigali, Rwanda, last week by 44 African nations, will be presented in the Parliament within the next few days following its approval by Cabinet in its first session.

"It is a great opportunity to export goods and services to the region and the continent," the Cabinet said in a statement released today after the conference.

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.

Cabinet today approved the Africa Continental Free Trade (AfCFTA) treaty for ratification. It is a great opportunity to export goods and services to the region and the continent pic.twitter.com/4wQb6GACrF

— President of Kenya (@PresidentKE) March 27, 2018

The treaty will come into effect after it is ratified by 22 countries and Kenya will be one of the first countries that will adopt the agreement.

The AfCFTA will set up a single liberalized market that will spur industrialization, infrastructural development, economic diversification and trade across the continent that is home nearly 1.2 billion people, according to the African Union.

The pact also seeks to promote industrial development through diversification, regional value chain development, agricultural development and food security.

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).

Cabinet also sanctioned an additional budget that continues with austerity actions to control expenditure.