The AfCFTA market is being born and is one step ready for launch of its operational phase in July this year. The agreement, signed by 49 of the 55 African Union nations in March last year, will dodge a patchwork of trade regulations and tariffs that make intra-African commerce costly, time-consuming and cumbersome.African leaders met on Sunday to launch a continental free-trade zone. of the Meeting of the African Union in Niamey, Niger, on July 4, 2019.The African Continental Free Trade Agreement AfCFTA is a trade agreement which is in force between 28 African Union member states. It was signed in Kigali, Rwanda, on 21 March 2018. As of July 2019, 54 states have signed the agreement.G20 Compact with Africa Peer-Learning Workshop on Private Sector-Led. July 17-18, 2019. Addis Ababa. ATICS Africa Trade and Investment Global Summit These instruments are the key tools that will support the launch of the operational phase of the AfCFTA, with start of trading scheduled for July.Africa's new free trade area is promising, yet full of hurdles. agreement and moving into the operational phase this July was a significant step.South Africa recorded a R2.88bn trade deficit deficit for July, after recording a revised surplus of R5.4bn in June, the South African Revenue.
African Continental Free Trade Agreement - Wikipedia
As part of its plans to make Africa a more integrated continent, leaders of the Economic Community of West African States ECOWAS have adopted the name 'ECO' for a planned single currency to be.Nigeria is set to enter Africa's free-trade agreement as early as July, Benedict Okey Oramah, president of Africa Export Import Bank, told The Annual Debate Africa Investment conference in London on June 5.By Chikodi Okereocha A head of the implementation of the African Continental Free Trade Area AfCFTA Agreement in July, the ports are undergoing infrastructure reforms. This is to allow free movement of business travellers and investments, while creating a continental Customs Union to streamline trade and attract long-term investments. South Africa recorded a trade deficit of ZAR 2.88 billion in July of 2019 compared to an upwardly revised ZAR 5.54 billion surplus in the previous month, and against market expectations of a ZAR 2.7 billion surplus.African leaders launched a continental free-trade zone on Sunday that if. Area AfCFTA, during African Union summit in Niamey, Niger July 7.Trade Shows in South Africa in July 2021; Exhibition Name Cycle Venue Date; FOOD & DRINK TECHNOLOGY FDT AFRICAProcessing, Filling, Packaging & Logistics FDT Africa you’ll have the opportunity to see just about anything related to food and drink including processing and packaging equipment as well as associated supplies
The African Continental Free Trade Area enters into force.
Operational Phase Of The African Continental Free Trade Area Launched. The commencement of trading within the AfCFTA is slated for 1st July 2020.South Africa Trade shows, fairs, exhibitions & conferences - List of Trade Shows in South Africa in July 2020 Trade shows by industry Trade shows by month Trade shows by location Trade shows by organizerThe African Continental Free Trade Area launched in Niger Sunday at the opening of the African Union Summit. But while there is much hope that pan-African trade will grow, structural weaknesses. July 08, 2019 PM. African Union. Intra-African exports made up only 19% of total trade in 2018, compared to 59% and 69% for intra-Asia and intra-Europe trade respectively, according to Brookings Institution's January numbers.Muchanga, provided a very helpful update from the African ministers of trade meeting in Niamey in July, noting that African countries have.Understanding international trade agreements Examining the African Continental Free Trade Agreement – 22-24 July 2019, Cape Town.
A protocol "enters into force" following ratification by at least 22 AU Member States.This advances the continental law from being a stated intention to actual application.Those member states that join after a protocol has entered into force are said to "accede" to the protocol. Difference between domestic and international trade. To support and ensure the successful realisation of the Af CFTA, plans are now at an advanced stage to establish a Secretariat that will monitor and track implementation."The process has started for the establishment of the Af CFTA Secretariat, and an official report on progress will be submitted to the next meetings of the AU Policy Organs," she said."We expect that the Niamey Extra-ordinary Summit will make a decision on the structure and location of the Secretariat." Once the Af CFTA becomes operational, the next stage for Africa is to launch a continental Common Market.
"If we act strategically, we will be careful in only concluding trade and investment agreements with third countries that support the objectives of the Af CFTA Agreement." In light of these challenges, the AU Assembly that met in July 2018 actually made a decision that binds all African countries wishing to enter into partnerships with third parties to inform the Assembly with assurance that those efforts will not undermine the AU Vision of creating one African market.The creation of an integrated market in Africa is one of the initiatives to rid the continent of the remaining vestiges of colonization and apartheid that has seen Africa trade more with the outside world than within the continent.According to the AU, the Af CFTA when fully operational is expected to increase African intra-regional trade from the present 10 percent to about 40 percent. The establishment of the Af CFTA builds on the existence of other Free Trade Areas (FTAs) in the continent such as the SADC FTA and the pending "Grand" FTA involving the Common Market for Eastern and Southern Africa (COMESA), the East African Community and SADC.For example, when SADC attained the status of the FTA in 2008, intra-regional trade in southern Africa increased from US$89.3 million in 2001 to US$394 million in 2012, representing a 341 percent increase over an 11-year period.Furthermore, consumers in the region are now getting better products at lower prices due to increased production, while producers are benefiting from a tariff-free trade for all goods originating within the region.
Africa is launching AfCFTA, the world's largest free trade area.
In this regard, the Af CFTA will go a long way in promoting the smooth movement of goods and services across borders, as well as allow member countries to harmonize regional trade policies to promote equal competition and increased trade.The Af CFTA will also resolve some of the challenges of multiple and overlapping memberships and expedite the regional and continental integration processes.Currently, most countries in Africa belong to more than one regional economic community, a situation that promotes conflicts of loyalty and confusion of commitment, thus hindering progress of integration in Africa. What is a trade surplus. Therefore, addressing the issues of overlapping membership has the capacity to accelerate the pace of integration in Africa.The Af CFTA brings together all the 55 AU Member States, creating a combined market of more than one billion people and a combined Gross Domestic Product of more than US$3.4 trillion.The African Continental Free Trade was launched yesterday at the 12th Extraordinary Summit of the African Union in Niamey, Niger.
SA records a shock trade deficit in July Fin24
ECOWAS region adopt single currency name 'ECO' - CNN
"Our task now is to finalise the remaining negotiations and operational instruments in a timely manner," he said.Among the ongoing negotiations includes Rules of Origin which will determine the eligibility of goods to be traded under CFTA as well as modalities such as protection of infant industries.At the summit, a number of instruments to facilitate the implementation of the agreement were launched including; Af CFTA rules of origin, Af CFTA Trade in goods dashboard, Pan-African payments and settlements system and Dashboard of the AU Trade Observatory. Kagame also endorsed the decision to commence trading under the Af CFTA on July 1, 2020.At the summit, the Executive Council designated Ghana as the choice to host the Af CFTA Secretariat."I agree with the proposal of the Executive Council designating Ghana as our choice to host the Af CFTA Secretariat. Following the launch of the agreement and in the build-up to implementation, Kagame called on stakeholders to finalise remaining negotiations and operational instruments.