The National Association of Nigerian Traders (NANTS) has warned that the implementation of African Continental Free Trade Agreement (AfCFTA) in Nigeria would increase unemployment among farmers, and farm workers in the country.
The Gambia became the 22nd country to ratify the agreement effectively helping meet the minimum threshold.
The National Association of Nigerian Traders (NANTS) thrown its weight behind President Muhammadu Buhari’s refusal to signed and ratified the African Continental Free Trade Agreement (AfCFTA).
The African Continental Free Trade Area (AfCFTA) is nearing reality as only one country is left to ratify the Agreement for the deal to reach the 22 countries required for the Agreement to effectively come into force.
Negotiators are hoping to break the back on talks for the successor to the Cotonou Agreement, which expires in May 2020, between the EU and 79 countries in Africa, the Caribbean and the Pacific (ACP).
Zimbabwe should ramp up value addition and beneficiation of its products beforehand, says official.
If this agreement comes into force, it is likely, because of the peculiarities of the insertion of Africa into the world capitalist civilization, to be among the worst of the free-trade wave that is underway.
The entry into force of the AfCFTA is a decisive stage of the African Union’s neoliberal Pan-Africanist project.
Ethiopia is the latest country to approve the African Union’s Africa Continental Free Trade Area, AfCFTA pact after the cabinet passed the deal.
The Manufacturers Association of Nigeria has again warned Nigeria against signing the African Continental Free Trade Area to save Nigeria from being a dumping ground for foreign goods.
African countries, backed by the EU, want internal and external free trade, which will wreck local agriculture, and rural economies and societies.
Members of the East African Community to implement trade facilitation reforms including reducing “non-tariff barriers”.
Business groups have supported the Nigerian Federal Government’s delay in signing the African Continental Free Trade Area, stressing that adequate measure should be put in place to prevent dumping of goods into Nigeria and Africa countries in general.
Nigeria’s reluctance in signing the African Free Trade Agreement is based on the commitment to ensure that only what will benefit its economic interest is implemented as a policy.
Nairobi will from Tuesday host an African Chambers forum to help fast track realisation of the African Continental Free Trade Agreement (AfCFTA) as well as prepare businesses for the block.
If the EU is to seize the economic opportunities that Africa offers, it will need to work with the continent’s leaders to forge a new kind of partnership that treats African countries as equals. Simply put, the new EU-Africa relationship must be based on trade, not aid.
Government has opened consultations with industry on rules of origin (RoO) for the ambitious African Continental Free Trade Area (AfCFTA) aimed at promoting duty-free flow of goods and services originating in the bloc.
Some general concerns centre on the potential impact a continental free market could have on particular sectors of national economies.
The European Union could one day look to take advantage of African efforts to forge a free trade area within the continent to work toward a comprehensive continent-to-continent free trade agreement.
Many have suggested that China and African countries, represented by African Union, should launch a feasibility study on free trade and investment facilitation negotiation.