Cairo – Mubasher: Egypt will be one of the most beneficiary countries of establishing African Continental Free Trade Area (AFCFTA), Moody's credit ratings said.
The African free trade deal is a key step for Egypt towards making use of further trade integration in Africa, Reuters reported, citing Moody's as saying.
Given that, the deal could enhance credit profiles of African countries, but “obstacle will limit benefits”, the US-based ratings agency said.
The trade pact could also bolster intra-regional trade, Moody’s noted, pointing out that trade would still remain lower than in Asian developing countries.
It is worth note that Egypt has signed yesterday the AFCFTA deal during the African Union (AU) Summit held in Kigali, Rwanda.
