AfCFTA is a proposed trade agreement involving all 54 African Union member states. The continental agreement seeks to enhance trade liberalisation, deregulate services and remove tariff and non-tariff barriers. The negotiations were launched in June 2015 and the deal was signed in March 2018 by 44 nations.
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.
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.