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.
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.
The African Union sees the ‘partnership’ process, likely to culminate in a summit in Portugal in May or June, as an opportunity to overhaul the Economic Partnership Agreements (EPAs) .
China’s first FTA with an African country provides a stepping stone into the continent through the geopolitical hotspot Indo-Pacific region.
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.
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.
The imposition of Economic Partnership Agreements to ACP countries, where 94% of the population is concentrated in Sub-Saharan Africa, is based on a series of 12 lies.
Trade relations are likely to be at the heart of the delayed EU-Africa ‘strategic partnership’, but only if long-standing tensions can be resolved.
Bilateral trade agreements often act as door-openers for the manufactured products of multinational food companies. Milk powder with vegetable fat is an example.