The African Union (AU) Commissioner for Trade and Industry Albert Muchanga on Sunday said he expected the African Continental Free Trade Area (AfCFTA) to formally launch operations in July this year. Speaking during a press conference on the sidelines of the 32nd Ordinary Session of the Assembly of the AU in the Ethiopian capital Addis Ababa, Muchanga said the formal start of operations of the AfCFTA is expected to be launched during another AU summit to be held in Niamey, capital of Niger in July.
“We have 12 African countries that have deposited the instrument of ratification at the AU, before the end of the summit we expect two more countries to ratify the agreement,” he said. Read more. Source | New Times
Ethiopia is the latest country to approve the African Union’s Africa Continental Free Trade Area, AfCFTA pact after the cabinet passed the deal on Saturday, the Prime Minister’s office confirmed.
The PM’s office said: “The decision is consistent with PM Abiy’s vision of creating a closer & full regional integration — where minds are open to ideas & markets are open to trade. Ethiopia’s decision & track record of advocating Pan African causes will bring to reality an integrated Africa.” Read more. Source | New Times
TradeMark East Africa (TMEA) and the AfroChampions Initiative (ACI) have signed a partnership agreement committing to provide support to governments and the private sector in realising the Africa Continental Free Trade Area. The agreement was signed by Frank Matsaert, TradeMark East Africa (TMEA) CEO and Ali Mufuruki, Regional Chair, AfroChampions Initiative (ACI).
Both organisations have a common interest in building partnerships that promote economic integration as a strategic growth driver for the African continent. The areas of mutual agreement in the partnership include private sector engagement, strategic advocacy with governments and the private sector and improving access to information. Read more. Source | New Times
Foresight Africa 2019 is a report by the Brookings Institution highlighting the triumphs of the past years as well as strategies from our experts to tackle the remaining obstacles that influence outcomes in various sectors such as trade, governance, youth development and climate change.
On matters trade and investment, the authors assess the potential of the African Continental Free Trade Agreement (AfCFTA) and look at the implications of the new free trade agreement. AfCFTA stands to knock down barriers to intracontinental trade and investment, thus accelerating industrialization, and facilitating economic diversification and inclusion.
Trade minister Amelia Kyambadde has asked the African Union (AU) member states to expedite the signing and ratification of the African Continental Free Trade Area agreement (AfCFTA). This, she says, will allow the continent to freely access each other’s market with minimum or no hassle at all.
Ms Kyambadde who is the chairperson of the AfCFTA negotiations, made the appeal while opening the seven-day meeting of African Ministers of Trade in Cairo, Egypt last week. Read more. Source | Daily Monitor
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
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
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
Heads of State from Africa will converge on Kigali on March 21 for an extra-ordinary summit, to sign a long-negotiated framework agreement establishing the African Continental Free Trade Area (CFTA).Attached to the CFTA Agreement will be the protocols on trade in goods and services, and dispute settlement.
The protocol on trade in goods will have a number of annexes, covering rules of origin, non-tariff barriers, technical standards, health standards, customs, trade facilitation, transit trade, and trade remedies. Read more. Source | Business Daily
Sub-Saharan African countries need to boost development cooperation to realize the goal of creating the world’s largest trading area, Africa’s Continental Free Trade Agreement (CFTA), a Zambian scholar has said.
Speaking at the Second ICWA India-Africa Conference held under the India Africa Forum Summit in Dar es Salaam, recently, Mr Caesar Cheelo, a Senior Researcher Fellow from the Zambia Institute for Policy Analysis and Research said member states need to gain internal impetus for enhanced intra-regional and international trade, infrastructural and Industrial development, jobs and geo-political and security cooperation, among other things. Read more. Source | Daily News