Which of the following statements about the newly established African Continental Free Trade Area Af...........

Economic Affairs Foreign Trade - Trends and Policy

Which of the following statements about the newly established African Continental Free Trade Area (AfCFTA) is/are correct?

1. In order to boost their bargaining power in international market, all the countries of Africa have become part of this free trade area.

2. AfCFTA has also adopted 'Rand' as the common currency for internal as well as external trade.

Select the correct answer using the codes given below

1 only

2 only

Both are correct

None is correct

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Explanation:

.....a new global trade player, the African Continental Free Trade Area (AfCFTA) formed in March 2018. 44 African heads of state and government officials met in Kigali, Rwanda, to sign the framework to establish this initiative of the African Union.(total countries in Africa are 55)
Eventually, free movement of people and even a single currency could become part of the free trade area