The African Continental Free Trade Area Agreement is one of the most ambitious projects of the African Union, and it is now, miraculously, in force. But that’s just the first step. The next phase will be crucial negotiations about the operational framework.
The African Continental Free Trade Area (ACFTA) will be launched on 7 July 2019 in Niamey, Niger, by the Heads of State and Government at an extraordinary summit of the African Union.
Rather than making drastic structural changes to the systems of production within Africa, the AfCFTA may intensify the ‘race to the bottom’ between working classes on the continent.
China is planning to capitalize on AfCFTA to connect African and Chinese markets to promote the free movement of goods, persons, capital and technologies.
African Continental Free Trade Area expected to pave way for Turkish businesses in to grow on continent
The African Continental Free Trade Agreement (AfCFTA) became a binding international legal instrument, even though critical parts of the agreement are yet to be completed.
The African Continental Free Trade Agreement (AfCFTA) is very important for Chinese companies in Africa, particularly in Egypt, an Egyptian economic expert said.
Nigeria will sign the Africa Continental Free Trade Agreement as soon as President Muhammadu Buhari approves an impact-assessment report he asked for, the country’s trade minister said.
The negotiations on key substantive issues related to trade in goods and trade in services that are still to be completed.
The African Union (AU) stressed the need to boost African countries’ capacity on both Investor-State Dispute Settlement (ISDS) and state-to-state dispute, as the African Continental Free Trade Area edges closer to entry into force.
Negotiators still need to agree on market access offers, rules of origin and specific commitments in trade in services.
Supporting instruments to facilitate the launch of the operational phase of the AfCFTA need to be finalised, including rules of origin, schedules of tariff concessions on trade in goods.
Ken Ukaoha is the president of the National Association of Nigerian Traders (NANTS) and shares his view on the African Continental Free Trade Area (AfCFTA)
The African Continental Free Trade Area will officially enter into force during the next Extra-Ordinary Heads of State and Government summit slated for 7th July 2019 in Niamey, Niger.
African governments must act immediately to address the AfCFTA’s potential negative implications for Africans’ health.
As a second step, negotiators will focus on rules pertaining to intellectual property rights, competition policy and investment, which they aim to finalise by June 2020.
The African Union agreed last year to create a free trade zone on the continent but Africa’s largest economy, Nigeria, isn’t on board with the agreement.
Among the key issues where negotiations are still needed include the rules of origin, non-tariff barriers, structure of implementation, schedule of concessions and tariff books.
The deadline set by the Tripartite Council of Ministers for member States of three regional economic blocs to sign and ratify the tripartite free trade area lapses this month.
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.