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.
Six analyses from economists and stakeholders.
According to the African Union Commission chairperson, Nigeria, Eritrea and Guinea Bissau have made no commitment to the AU’s Continental Free Trade Area (AfCFTA) signed in Kigali in March 2018.
The Manufacturers Association of Nigeria urges the government not to bow to pressure into signing the African Continental Free Trade Agreement without addressing the concerns raised by stakeholders.
Because Nigeria does not quite have the infrastructure and capacity to efficiently manufacture most of its consumer needs, AfCFTA may stunt Nigeria’s quest to migrate from perpetually exporting primary goods and importing manufactured products, for which labour suffers the most assault.
India is hopeful that a bilateral trade agreement with the country could open the doors wider to the entire continent.
President Muhammadu Buhari says Nigeria will only be signatory to the Continental Free Trade Agreement if the nation’s national interests as well as regional and international obligations are balanced.
Nigeria’s President Muhammadu Buhari said the country will sign up soon to a $3 trillion African free-trade agreement.
The objective of the consultative workshop is a regional-wide consultation to finalize the outstanding issues including criteria for designation of sensitive products, percentages, etc.
Namibia has finally signed the trillion-dollar African Continental Free Trade Agreement (AfCFTA), which requires members to remove tariffs from 90 percent of goods to allow free access to commodities, goods and services across the continent.
Forty-nine members of the African Union have signed the African continental free trade area (AfCFTA) agreement, said AU chairperson Paul Kagame .
South Africa will sign the African Continental Free Trade Area (AfCTFA) agreement, Trade and Industry Minister Rob Davies confirmed.
The Manufacturers Association of Nigeria (MAN) said the issues raised by major stakeholders, including those expressed by manufacturers, still remained unattended to.
Stakeholders in the Organised Private Sector have called for safeguards against a sudden surge in imports that may follow Nigeria’s eventual signing of the African Continental Free Trade Area agreement.
African trade ministers have deliberated on the protocols to the agreement establishing African free trade area (AfCFTA), and the modalities for tariff liberalization.
Eschewing the ACFTA and EPA may be a blessing in disguise for Nigeria.
African Continental Free Trade Area signatories are now beginning the ratification process, while also looking at the technical work needed to make the area a reality.