African leaders gathered in Kigali have signed the Continental Free Trade Area (CFTA) treaty to create the world’s largest single market.The agreement, signed by more than 40 African nations, is said to be the largest since the creation of the World Trade Organisation.
The pact aims at boosting intra-Africa trade by making Africa a single market of 1.2 billion people with a cumulative gross domestic product of more than $3.4 trillion. Read more. Source | Business Daily
A statesman once compared regional integration to riding a bicycle — you have to proceed in a forward direction and maintain velocity, or you will fall of!
One of the ways to energise regional integration is by taking action to a different level. That is what political leaders will be doing in Kigali at the AU Summit on March 20-21, when they will (hopefully) endorse the formation of the African Continental Free Trade Area (AfCFTA). This agreement is the fruit of three years of painstaking negotiations. Read more. Source | East African
Private Sector players are optimistic of the positive results that could come with the ready-to-be-adopted Continental Free Trade Area (CFTA) deal.
According to the business community, African countries agreeing on the highly anticipated intra-Africa trade regime will go a long way in positioning Africa as one of the biggest markets, consequently inspiring innovation, industrialisation and growth. Read more. Source | New Times
Tanzania Private Sector Foundation (TPSF) has highlighted 8 achievements it recorded during the implementation of a yearlong East Africa Trade Hub project in facilitation towards compliance with the region common market protocol.
Among other achievements, the project succeeded to re-open rice markets for small holder farmers in Rwanda and Uganda, this was after eliminating the 75 per cent common external tariffs. Read more. Source | The Citizen
East Africa recorded the continent’s best economic performance in 2017, with a GDP growth of 5.9 per cent — above the continental average of 3.6 per cent.
This growth was achieved in a year that saw the region’s economic fortunes dip, as several companies keen to lower costs and post profits turned to staff cuts. Read more. Source | East African
Rwandan importers and exporters will no longer have to travel to Dar es Salaam port, Tanzania to clear their shipments, thanks to the new Tanzania Ports Authority (TPA) liaison office, which opened last week in Kigali.
The liaison office is expected to operate as a one stop centre for traders to pay and clear their goods from Kigali without having to travel to Dar es Salaam. Read more. Source | New Times
Ministers in charge of trade from across the African continent over the weekend approved the draft African Continental Free Trade Area (CFTA) agreement ahead of its signing later this month by heads of state. The ministers convened on Thursday last week to review the draft document.
After reviewing the 250-page draft agreement, the ministers agreed that it factors in concerns and inputs of member states expressed during the negotiation phase. Read more. Source | New Times
UNCTAD travelled to Malawi, the United Republic of Tanzania and Zambia to hear from nearly 200 women who eke out a subsistence living on the borderline – between countries, between legal and illegal trading, and often between providing for their households or not.
As most women cross-border traders are breadwinners, empowering them has a beneficial impact on their communities and on the prospects of coming generations. Read more. Source | UNCTAD
The East African Community (EAC) has made significant gains in reducing trade bottlenecks and boost doing business in the bloc, TMEA has said. According to TradeMark East Africa, Chief Executive Officer, Frank Matsaert the region has come a long way in improving the ease of doing business in the bloc. Read more. Source | The Exchange
The local business community has urged African governments to fast-track implementation of the African Continental Free Trade Area (CFTA), saying this will ease movement of goods and services and boost intra-Africa trade.
The African Continental Free Trade Area is a flagship project of the African Union’s Agenda 2063 aimed at fast-tracking the continent’s economic growth and development. The call comes ahead of the forthcoming CFTA summit to be held in Kigali later this month. Read more. Source | New Times