African nations join together to create the biggest free trade area since the World Trade Organization

Forty-four African nations have signed an agreement to establish the African Continental Free Trade Area (AfCFTA), a deal that could eventually unite all 55 countries in the African Union in the biggest free trade accords since the World Trade Organization was formed in 1995, CNBC reports. The deal would link some 1.2 billion people and a gross domestic product of $2.5 trillion.

"The promise of free trade and free movement is prosperity for all Africans, because we are prioritizing the production of value-added goods and services that are made in Africa," said Rwandan President Paul Kagame, as reported by Bloomberg Politics. "The advantages we gain by creating one African market will also benefit our trading partners around the world."

Africa has low intra-continental trade compared to other regions in the world, at about 16 percent. For example, in Latin America intra-continental trade makes up 19 percent of the continent's total, and that number is 51 percent in Asia. "Increasing intra-African trade, however, does not mean doing less business with the rest of the world," emphasized Kagame.

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There were some notable absences from the agreement, including Nigerian President Muhammadu Buhari, whose cabinet has approved the deal but who wants to "allow more time for input from Nigerian stakeholders." Former Nigerian President Olusegun Obasanjo blasted Buhari's hesitation, saying: "I am surprised that any African leader at this time would be doubting or debating the benefits of what is going to be signed here and fail to show up." Ugandan President Yoweri Museveni and Burundi President Pierre Nkurunziza also did not attend the summit, Bloomberg Politics reports.

The agreement only requires ratification by 22 countries to go into effect.