Silvino Moreno, Minister of Industry and Trade, argues that joining this pact is another opportunity that opens up for improving and overcoming the persistent trade balance deficit.
According to 2021 data, the trade balance deficit marked $5,583 million in exports (a 55% growth), against $8,618 million in imports (a 33% growth).
It is known that the African Continental Free Trade Area Access Agreement was signed in 2016 by 44 countries in Kigali, Rwanda, but only began to be ratified in December 2020, and came into force in January 2021.
It should be noted that by the beginning of this year the African Continental Free Trade Agreement had been ratified by 42 states, covering more than 70% of trade between the economies of this region of the world.
