The Republic of Korea and the African Continental Free Trade Area (AfCFTA) Secretariat have signed a pivotal Memorandum of Understanding (MoU) to establish and operationalise the Korea-AfCFTA Cooperation Fund, marking a new chapter in strategic cooperation between Korea and Africa.

This landmark agreement reflects a shared commitment to inclusive and sustainable growth and builds on the momentum from the historic Korea-Africa Summit held in June 2024 under the theme “The Future We Make Together: Shared Growth, Sustainability, and Solidarity.”

The Cooperation Fund is set to support capacity building, technical assistance, and policy alignment as Africa advances its integration agenda through the AfCFTA — the world’s largest free trade area encompassing all 55 African Union member states and eight Regional Economic Communities (RECs). With a market of 1.3 billion people and a combined GDP of US$3.4 trillion, the AfCFTA is a cornerstone of the AU’s Agenda 2063, aiming to transform Africa into a global economic powerhouse.

By reinforcing institutional frameworks and boosting economic cooperation, the Korea-AfCFTA Fund will play a key role in unlocking trade, investment, and innovation opportunities across the continent.

“This MoU is more than a financial instrument — it is a symbol of solidarity and mutual ambition,” said a statement from AfCFTA Secretariat.

The partnership signals a future-forward approach to South-South cooperation and offers renewed optimism for sustainable development, industrial growth, and shared prosperity across Africa.