Korean companies will archive market access through regional integration in Africa and East African region if Kenya is made base, according to Betty Maina, Kenya’s cabinet secretary for industrialization, trade and enterprise development.
African nations plan to raise about $8 billion for a fund to help offset revenue losses for countries that lower cross-border tariffs, as part of a continent-wide free-trade agreement.
Zimbabwe and Malawi are engaged in talks to revise their Bilateral Trade Agreement to ensure its provisions speak to a modern-day investor and assist in addressing pressing development needs of the two countries.
In a document that was made public this Tuesday, July 6, 2021, it was confirmed that Burundi officially ratified the agreement establishing the African Continental Free Trade Area on June 17, 2021.
Indian companies are flourishing well in overseas. The African Continental Free Trade Area (AfCFTA) provides a window to the Indian companies to tap a unified African market.
The Economic Commission for Africa today made a pre-launch presentation of a report which offers policy recommendations to member states wishing to take advantage of the economies of scope and scale of the envisioned AfCFTA Investment Protocol to attract investment.
AfCFTA’s secretary-general met with the Angolan President João Lourenço to discuss issues related to the challenges and development of AfCFTA, whose main objective is to achieve continental economic integration.
National Assembly of Seychelles approved the ratification of the African Continental Free Trade Area (AfCFTA).
Some economists suggest that the liberalization of trade will result in an unequal distribution of losses and profit gains while economically dislocating a large number of workers in import-competing sectors.
The World Bank’s updated strategy for Africa will aim to promote trade and market integration through trade facilitation in regional economic corridors, technical assistance for roll out of the AfCFTA, support to regional value chains and integration of financial markets.
Zimbabwean private sector has concerns that the African Continental Free Trade Area (AfCFTA) would knock them out of business as high quality, competitively-priced products flood the domestic space.
The Nigerian Minister of Industry, Trade and Investment, has called for the establishment and strengthening of more arbitration institutions in Africa in line with international standards.
The Nigerian creative sector argues that the scalability of the industry within the AfCFTA will depend on the existence of a robust framework that supports IP rights and provides digital security.
Mozambique’s deputy minister of Industry and Commerce says that tariff liberalisation and other commitments that will be made within the scope of the AfCFTA must align with national development priorities and the policies and strategies in force in the country.
Policy changes are needed to facilitate the faster and seamless flow of goods and services across borders.
Current realities are likely to counter the expectations that the AfCFTA is some kind of silver bullet that will transform Africa, sweeping away decades of embedded dysfunction and challenges.
The government of Tanzania will ratify the Africa Continental Free Trade Area (AfCFTA) between June and October this year.
The AfCFTA Secretariat has established a dispute settlement body, that will function as a full-court with the right mechanisms and structures in place to settle trade disputes.
This includes the protocols on rules of origin which seeks to deal with the issue of third party exports into the free zone area.
The political survival of ruling elites is one of the major determining factors behind their trade policy choices.