Rwandan President Paul Kagame said while opening the Africa CEO Forum at the Kigali Convention Center in Rwanda that 21 countries had ratified the Continental Free Trade Area. Ethiopia last week took the agreement through Parliament, becoming the 21st country to do so. For the trade deal that would create a market of $3 trillion and a market of 1.2 billion people with no tariff and border restrictions to be enforceable, 22 countries are required to ratify. The deal was negotiated over two years before being signed in Kigali last year. Read more. Source| The East African
When the Africa Continental Free Trade Area is implemented this year, it will create a single market for goods and services for the first time in the continent’s history. The agreement will cover a geographic area with a combined GDP of $3.2 trillion and a population of 1.2 billion people. It has the potential to drastically accelerate economic growth and exceed the African Development Bank’s current estimates for GDP growth from $1.7 trillion in 2010 to more than $15 trillion by 2060. Read more. Source | New Times
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