The UN Economic Commission for Africa (ECA) on Monday said that the African Continental Free Trade Area (AfCFTA) agreement is one of Africa’s milestone trade policy that would serve as an imputes towards transforming Africa’s future development. “The AfCFTA is one of the milestone trade policy developments in Africa which is expected to change the way Africa does trade and catalyse transformation in a way trade policy has not done before,” the ECA said in a statement. Read more. Source | New Times
Six textile and garment oriented industrial parks that Ethiopia is currently busy setting up, are expected to generate $30 billion worth of exports by 2025. The country continues its rigorous quest to build industrial parks, which is part of the initiative to make the East African nation a manufacturing hub of Africa, and a middle-income country. Read more. Source | The Exchange
Ethiopia has kicked off the New Year with promising trade reports, recording a 62 per cent increase in its exports to the US. The country majorly exports textiles and garment products to the US and has invested a significant amount of money in infrastructure development such as industrial parks to boost the manufacturing industry. Read more. Source | The Exchange
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
Among policymakers and scholars alike, a robust manufacturing sector is broadly understood as a fundamental path to economic growth and development. The most recent illustration is the launch of the African Continental Free Trade Area (AfCFTA) in March 2018, a single market for goods and services in Africa that aims to unlock manufacturing potential and facilitate industrialization, driving sustainable growth and jobs among other objectives. Read more. Source | Brookings
Resolving the current economic and social problems facing East Africa requires a multi-faced approach, with a positive fiscal regime being one of the most important interventions. For local and international investors alike, committing to a country can only be desirable when it makes economic sense. Therefore, to boost the economy and much needed government revenues, it is essential that attractive tax incentives are put in place. Read more. Source | New Times
National Agriculture Export Board (NAEB) has projected tea export revenues to increase from $88M last year to $92m this year. Rwanda’s tea exports for 2017 increased by 15 per cent compared to 2016 and is further expected to do better owing to increased brand promotional activities. NAEB Tea Divison Manager Issa Nkurunziza said that Rwandan tea has been competitive on international markets. Read more. Source | New Times
The Common Market for Eastern and Southern Africa (COMESA)'s competition watchdog plans to tighten surveillance in order to enhance consumer protection, officials said on Monday.
George Lipimile, Chief Executive of the COMESA Competition Commission, told journalists in Nairobi that restrictive trade practices by member states and big firms are on the rise leading to exploitation of consumers. Read more. Source | New Times
The United Nations Economic Commission for Africa (UNECA) on Monday urged the East African Community (EAC) to liberalise trade in professional services in order to spur growth of the manufacturing sector.
Stephen Karingi, the Director of Capacity Development Division said in Nairobi that the region’s manufacturing sector is not as competitive as it should be due to relatively high cost of services including in the insurance, legal, logistic and finance sectors. Read more. Source | New Times
Diego Dieudonné Twahirwa, a 30 year old Rwandan entrepreneur has been nominated for the Young Entrepreneur Awards at 2018 World Forum for Export Development 2018 (WEDF 2018).
The award is an initiative of the International Trade Centre (ITC) youth and trade programme, which aims at connecting young social entrepreneurs to markets. The programme also supports social entrepreneurship to help achieve the United Nations Sustainable Development Goals on quality education and inclusive and sustainable economic growth. Read more. Source | New Times