The African Union has approved a landmark expansion of the African Continental Free Trade Area (AfCFTA) at its annual summit in Addis Ababa, Ethiopia.

The new agreements eliminate tariffs on an additional 90% of goods traded between African nations and introduce simplified customs procedures that could reduce border crossing times by up to 70%.

South Africa, as the continent’s most industrialized economy, stands to benefit significantly from the expansion. Trade Minister highlighted that South African manufacturers could see export growth of 35% to other African markets within three years.

“This is a historic moment for Africa,” said AU Commission Chairperson. “We are creating the largest free trade area in the world by number of participating countries.”

The expanded agreement is expected to boost intra-African trade from the current $160 billion to over $500 billion by 2030.