In a document that was made public this Tuesday, July 6, 2021, it was confirmed that Burundi officially ratified the agreement establishing the African Continental Free Trade Area on June 17, 2021.
Indian companies are flourishing well in overseas. The African Continental Free Trade Area (AfCFTA) provides a window to the Indian companies to tap a unified African market.
Some economists suggest that the liberalization of trade will result in an unequal distribution of losses and profit gains while economically dislocating a large number of workers in import-competing sectors.
The AfCFTA (African Continental Free Trade Area) was launched in New Delhi at the Ghana Embassy with a lot of active commitment from Indian companies to enter Africa and take advantage of the AfCFTA.
This includes the protocols on rules of origin which seeks to deal with the issue of third party exports into the free zone area.
The political survival of ruling elites is one of the major determining factors behind their trade policy choices.
The EU and African, Caribbean and Pacific Community on Thursday (15 April) finalised the successor to the Cotonou agreement, bringing a close to two and a half years of negotiations and repeated delays.
India has stepped up its global ambitions and foreign policy re-engagement with African countries in recent years. India is now the third largest export destination and the fifth largest investor on the continent.
Based on what we have seen in nearly final drafts of the text, the EU seems poised to again fail to promote a real shift in power relations due to imbalances that remain written into the new deal.
Several Indian products will enjoy the benefit of greater market access at concessional duties in Mauritius as the FTA signed between the two countries will come into effect from April 1
African countries want India to help in mechanising agriculture, build social and physical infrastructure and provide more vaccines
The trade deal would provide a gateway to the markets of the African continent as Mauritius has several pacts with them
Mauritius already plays an important role as an investment entrepôt for the subcontinent. This likely makes Sino-Mauritian ties even more important for the rest of the continent to watch.
The Union Cabinet on Wednesday approved signing of a comprehensive economic cooperation agreement, a kind of a free trade pact, between India and Mauritius which is aimed at liberalising norms to boost two-way commerce.
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
UK has already inked post-Brexit trade deals with 13 African countries.
These new agreements, which offer duty-free and quota-free access to
British markets, aren’t much different to the old ones, as they are mainly transferring the conditions in the EU deals into bilateral agreements between the UK and the African nation, or blocs.
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.