ICON Embraces World’s Largest Free Trade Zone

ICON Embraces World’s Largest Free Trade Zone

The African Continental Free Trade Area (AfCFTA) becomes the world’s largest free trade agreement by size of population later this week and Korean blockchain company ICON (ICX) are already positioning to enable the African digital economy to scale so as to accommodate the expected boost in trade.

ICONLOOP, the private network element behind the ICON blockchain, took to the stage at the Transform Africa Summit in Rwanda earlier this month to outline their plans to support African pilot projects and expand the reach of the African developing nations.

Global Tech for Unified African Nations

Also taking part in the summit – where ICONLOOP were the sole blockchain company to join the panel discussion and booth operations – were global tech companies such as Microsoft, Google and Huawei.

The event was attended by the President of Rwanda as well as minister-level government officials from other African nations, Estonia and Japan and proved to be a precursor to the AfCFTA trade deal ratification announcement.

AfCFTA has been a cornerstone project of the African Union’s Agenda 2063 development proposal for around 5 years and now counts 52 of the 55 countries of Africa as signatories, with just Benin, Eritrea and Nigeria yet to join the deal.

In an interview with Fortune, Albert Muchanga, the African Union’s trade commissioner, said the fragmented approach to trade had deterred major investment and that with AfCFTA “We’re moving away from fragmentation, to attract long-term and large-scale investment.”

While other blockchains, such as Cardano, have made significant inroads into African countries, by their prominence at the recent summit ICON appear to be in a strong position to partake in the various technological and procedural restructuring AfCFTA is expected to generate.

Even before their official launch, ICON was recognised as potentially fulfilling the role of connecting companies within it’s home country of South Korea but an early promotional video from the summer of 2017 showed that ICON had a more global focus where their decentralised network could be accessed by any blockchain.