Kenya which is among the 49 member states that have ratified the agreement, lacks product competitiveness due to quality challenges, high trade investment and trade costs.
The FTA supports Morocco’s goals to develop as a regional financial and trade hub, providing opportunities for the localization of services and the finishing and re-export of goods to markets in Africa, Europe, and the Middle East, says the report.
Last year (2021), India shipped $0.743 billion of apparel to Africa, which was 4.99 per cent of its total exports of $14.912 billion, and in January-April 2022, apparel exports to Africa stood at $231.328 million.
Seven countries, including Rwanda, Cameroun, Egypt, Ghana, Kenya, Mauritius and Tanzania have been selected among countries to start trading under the African Continental Free Trade Area (AfCFTA) framework in a pilot phase.
The NAC scribe said it has been acknowledged that the gains from AfCFTA will only materialise through comprehensive and sustainable implementation focused on outcomes,...
AfCFTA brings together the 55 countries of the African Union and eight regional economic communities to create a single market for the continent, with an aim to enable the free flow of goods and services across the continent
The draft ministerial regulation states that goods produced in SEZs shall be treated as originating goods provided they satisfy the rules of origin, member states are yet to agree on import duties being paid on the inputs of these products.
The State of Israel which produces about $1.2 billion worth of agricultural inputs and technology has expressed its readiness to partner with indigenous companies to augment Ghana’s local production.
“Kenya will incur the largest loss at $14.2 million, followed by Uganda at $13.5 million. Tanzania is estimated to register revenue loss of $5.3million, Burundi $4.3million and Rwanda $ 3.9,” the Economic Policy Research Center (EPRC)shows.
The vote on the “Future of EU-Africa trade relations” focuses on five key themes: infrastructure, food security, civil society, fair trade agreements and sustainable economic development.
The agreement was brokered by the African Union (AU) and was signed by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018. The only country still not to sign the agreement is Eritrea, which has a largely closed economy.
To date, a total of forty-three (43) African countries are State Parties to the Agreement of the AfCFTA, including twelve (12) ECOWAS Member States.
Six countries drawn from three regional economic blocs are yet to ratify the African Continental Free Trade Area (AfCFTA), delaying its implementation more than a year after it was formally launched in January 2021
Spain has been a major importer of Nigerian crude oil, and Nigeria’s exports to Spain stood at $4.8billion in 2020 whilst Spain’s exports to Nigeria increased from $97.2 million in 1995 to $517million in 2020
The purpose of the meeting was to bring together a number of ECOWAS Member States (Gambia, Nigeria, Senegal) and ERCA officials for a brainstorming on the draft AfCFTA Protocol on competition...
The Swiss President said Kenya is an attractive destination for investments and trade it serves as a gateway to Eastern and Central African region, and Swiss companies will benefit from the huge market provided by the AfCFTA agreement.
When the African Union rallies behind industry to regulate a sector that affects livelihood of 33 million smallholder farmers, we should shout from the rooftops
Africa is one of the richest continents in the world in terms of land and natural resources, but its people are the poorest. The region is home to about 70% of the world’s poor.
Insecurity and infrastructure deficiencies are threats to the Africa Continental Free Trade Agreement, says West African food association
Chief Dumo Lulu Briggs, Chairman of Platform Petroleum Limited, has admonished that cross-border service integration through the implementation of the African Continental Free Trade Area (AfCFTA) will boost the African oil and gas industry.