The India-Africa partnership is set for a major makeover as both sides seek economic self-reliance to insulate their respective economies from external shocks.
The full rollout of the African Continental Free Trade Area (AfCFTA) is being delayed as countries haggle over the overarching agreement on rules of origin and tariff reduction schedules.
The administration of US President Joe Biden has kicked off the Prosper Africa Build Together initiative by requesting $80 million from Congress to build trade and investment between the US and Africa.
The US’s trade chief plans to convene a meeting with African ministers before the end of the year to strengthen partnerships and discuss a law that provides duty-free access to the U.S. for thousands of goods from sub-Saharan nations.
Korean companies will archive market access through regional integration in Africa and East African region if Kenya is made base, according to Betty Maina, Kenya’s cabinet secretary for industrialization, trade and enterprise development.
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.