Amidst some skepticism towards the African Continental Free Trade Area (AfCFTA), the United Nations Commission for Africa (Uneca) has backed the AfCFT, calling it an initiative that offers a unique opportunity for the private sector to benefit immensely in terms of new markets, access to raw materials, technology and increasing economies of scale.

According to Uneca acting director, Andrew Mold, the trade deal itself not literally a Free Trade Agreement but it is a means of creating a unified continental market. “The focus on trade liberalisation is just the start. The Agreement itself is 78 pages long, and the annexes 124 pages long. Its protocols have a lot of implications for business—whether that is on investment, on competition, on intellectual property or free movement,” he said, during a panel discussion during the 21st Comesa International Trade Fair in Nairobi, Kenya.

Malawi is yet to ratify the agreement, as stakeholders have casted various complaints, mostly citing that Malawi is already suffering from export losses. On the other hand, Aljazeera has reported that the AfCFTA’s impact will not be restricted to the continent: The historic deal will likely impact Africa’s existing agreements with China, the United States, and Europe.

“To make the deal work, we’ll need Africa’s main partners to support a multilateral trading system,” the World Trade Organization’s deputy director-general, Yonov Frederick Agah, warned during the AfCFTA’s launch ceremony in Niger, on July 7.