The African Continental Free Trade Area became fully operational on Tuesday, creating the world's largest free trade zone by number of participating countries. All 55 African Union member states have now ratified the agreement.

The trade zone eliminates tariffs on 90 percent of goods traded between member states and aims to boost intra-African trade from 15 percent to 50 percent over the next decade.

Economists project the agreement could lift 30 million Africans out of extreme poverty and increase the continent's income by $450 billion by 2035.

Business leaders across the continent have expressed optimism, with many already planning cross-border expansion strategies to take advantage of the new trade framework.