The trade deal would provide a gateway to the markets of the African continent as Mauritius has several pacts with them
South Africa’s preferential market access to the U.S. is under review, however, the country is apprehensive about striking a new trade deal with the U.S. and would rather maintain existing relations with the world’s largest economy.
African countries negotiating free trade agreements with parties from other parts of the world will be required to grant the same preferences or better terms to African Continental Free Trade Area (AfCFTA) member states.
African countries want to trade more with their partners on the continent – through the African Continental Free Trade Area (AfCFTA) agreement that launched operations on 1 January – but will that hurt big trading partners like China?
China’s free trade agreement with the small island-nation of Mauritius came into effect in January, increasing the Asian powerhouse’s presence in the Indian Ocean where its regional rival India has long dominated.
Economists deconstruct the myth surrounding the trade agreement
The African Export-Import Bank has mobilized $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free-trade area.
An economist at the Centre for Public Integrity (CIP) argues that Mozambique is not in a position, in the short-to-medium term, to ratify the African Continental Free Trade Agreement (AfCFTA).
All SACU members need to ratify the AfCFTA before any of its members can start trading under it. ECOWAS States were facing the same problem.
Dangote Industries Limited has stated that its cement expansion plan and fertiliser investments will open new trade routes for the company and Nigeria under the trade deal.
Members of Africa’s new free trade area should complete their tariff reduction schedules and finalise essential rules of origin by July.
African countries began officially trading under a new continent-wide free trade area, after months of delays caused by the global coronavirus pandemic.
Deal will ‘vitalise cooperation between our two countries and strengthen China-Africa economic ties’, head of African affairs at Chinese foreign ministry says.
Friday marked the start of trade for South African firms under two new trade agreements, the trade and industry and competition department (dtic) said.
Taiwan’s Chinese International Economic Cooperation Association encouraged Taiwanese companies to take advantage of free trade deals in Africa.
The sharp decline in manufactured goods trade and the growing food deficit over the past 25 years call for the African Union to be more modest in its ambitions to become “the next world manufacturing center”, far from the free trade illusion of the AfCFTA.
The AfCFTA requires strong infrastructure linkage across the African continent, an area where China can reach out to help.
The Chartered Institute of Arbitrators (CIArb) said no nation had met the requirements for the implementation of the African Continental Free Trade Agreement (AfCFTA), despite the political will to get the pact ratified in good time.
EAC’s tariff offer now brings the number of countries to 40 that are ready to join the AfCFTA on January 1, when trading under the agreement starts.
Customs officials from around Africa gave a nod to the adoption of continental guidelines to facilitate the free flow of cross-border trade.