WEEKLY INFORMATION
4 JULY, 2024.
WTO head Okonjo-Iweala on Africa's trade and development roadmap
In an interview with FRANCE 24 in Geneva, the head of the World Trade Organization, Ngozi Okonjo-Iweala, speaks to Georja Calvin-Smith about…
AfCFTA: Competitiveness critical for survival, growth
With the African Continental Free Trade Area (AfCFTA) liberalising markets across the continent, competitiveness has become an…
Nigeria, World Bank, ECOWAS, others to promote regional hub for fertiliser…
WEEKLY INFORMATION
20 JUNE, 2024.
Summit Urges Africa to Increase Intra-African Trade to 50% By 2030
The Africa Economic Summit Group has urged African leaders to boost Intra-African trade to bolster trade among African nations from the current 14 per cent to 50 per cent
Dr Adesina tells the Invest Africa Debate: “We’re Taking Africa to the World”
The 10th Invest Africa Debate has opened in the City of London’s prestigious Guildhall with a fireside chat between the president of the..
Afreximbank commences the project development activities for an African Quality Assurance Center (AQAC), in Imo State Nigeria
African Export-Import Bank (Afreximbank) has announced the commencement of project develop..
WEEKLY INFORMATION
6 JUNE, 2024.
Senators rally support for Africa trade deal amid competition with China
Bipartisan enthusiasm for trade with Africa beamed forth from the Senate Finance Committee Wednesday against a wider backdrop of competition with China and…
South Korea agrees to lend billions to Tanzania, Ethiopia
Tanzania and Ethiopia said they had signed accords with South Korea for loans of billions of dollars, part of broader deals that will…
WEEKLY INFORMATION
23 MAY, 2024.
Stakeholders Mobilise Youths To Take Advantage Of AfCFTA.
The AfCFTA is an agreement that seeks to remove the tariff and non-tariff barriers that have made trade among African countries more difficult.
https://t.co/ABE9MwPrDO
AfCFTA mission can’t be achieved without digital inclusion – AfCFTA Secretary General
The Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene has emphasised the critical role of digital inclusion in achieving the mission of the oragnisation.
WEEKLY INFORMATION
3 MAY, 2024.
Kenya Airways advocates for full AfCFTA implementation for trade promotion.
Kenya Airways Group Managing Director and CEO, Allan Kilavoka, has called for deeper collaboration among African countries to revive...
Trade Deception Returns in Pan-Africanist Guise.
The World Bank has exaggerated probable gains from the African Continental Free Trade Area (AfCFTA) to promote partial and uneven trade liberalization ...
WEEKLY INFORMATION
29 JANUARY, 2024.
AfCFTA Secretariat set to establish protocol on digital trade this month, says Wamkele Mene
The secretary general of the African Continental Free Trade Area (AfCFTA) Secretariat, has said the secretariat is set to establish a protocol on digital trade this month.
Mene said the protocol on digital trade is aimed at supporting the African youth to thrive in the continent’s digital space.
WEEKLY INFORMATION
19 JANUARY, 2024.
Implementing the Trade Facilitation Agreement should boost trade among African Continental Free Trade Area members
The main objective of the African Continental Free Trade Area is to eliminate trade barriers and boost intra-Africa trade. This column argues that implementing the Trade Facilitation Agreement’s provisions would be a powerful complement to the free trade area’s tariff-reduction agenda.
AfCFTA: Women-led businesses to get 10% subsidised interest rate
Women-led businesses in the country interested in exporting under the Africa Continental Free Trade Area (AfCFTA) will be given bank loans at a subsidiSed interest rate of 10 percent, Ashanti Regional Director, Ministry of Trade and Industry, Mamuda Osman, has said
According to him, this is part of governments effort to support women in business so they can export to the continental market, since the role of women in nation building must not be underestimated.
https://thebftonline.com/2024/01/18/afcfta-women-led-businesses-to-get-10-subsidised-interest-rate/
AfCFTA to introduce Digital Trade Protocol to further boost Africa’s economy
The African Continental Free Trade Area (AfCFTA), is set to introduce a Digital Trade Protocol to further boost Africa's economy.
This was revealed by Secretary General of the African Continental Free Trade Area (AFCFTA), Wamkele Mene at a Wall Street Journal event dubbed ‘Trade's Transformative Power'.
A continental Conference on the African Continental Free Trade Area (AfCFTA) explores strategies for peer learning to accelerate emergence of the African single market
The United Nations Economic Commission for Africa, through its African Trade Policy Centre (ATPC), and in partnership with the African Continental Free Trade Area (AfCFTA) Secretariat and the United Nations Development Programme (UNDP), organized the first conference on AfCFTA implementation strategies, titled: AfCFTA Implementation Strategies: Towards an Implementation Peer Learning Community.
WEEKLY INFORMATION
12 JANUARY, 2024.
Customs Service Partners With AfCFTA Secretariat For Better Trade Initiative
The Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi MFR, has expressed readiness to partner with the African Continental Free Trade Area (AfCFTA) Secretariate for enhanced trade facilitation in the African Continent.
The CGC made this known on Monday, when he received members of AfCFTA at the Customs Corporate Headquarters in Abuja.
ANALYSIS: The African Union could become irrelevant. This is why
The African Union (AU) is not living up to expectations – and member states are partly to blame, according to AU Commission (AUC) Chairperson Moussa Faki. He says they are using their sovereignty to avoid relegating powers to the commission. As the sum of all individual African countries, the AU’s strength depends on the power member states give it to implement their decisions.
Inclusion of Women and Land Rights as an avenue to accelerate the AfCFTA
Collective action in the form of women’s groups has greatly benefited women in negotiating access to land While it is clear that there is a direct link between productivity, trade and economic growth – a recurring question at the recent Conference on Land Policy in Africa is, what does it mean in terms of tradeoffs and transitions - especially for women.
Media in Africa Called Upon to Own The AfCFTA and its Implementation
Top media personalities across Africa have called for the formation of a pan-African group of trade journalists who will champion the AfCFTA agenda as well as an African Chamber of Commerce led by individual countries.
The group of journalists were of the view that the formation of such a body is the surest way to sensitise the continent on the merits of the AfCFTA.
https://allafrica.com/stories/202312200126.html
WEEKLY INFORMATION
22 DECEMBER, 2023.
UNECA boss Gatete talks AfCFTA and how global credit facilities can work for Africa
The past three years, characterized by global shocks, have been eye-opening economically for African governments in terms of building resilient but sustainable mechanisms for development.
Africa: Media in Africa Called Upon to Own The AfCFTA and its Implementation
Top media personalities across Africa have called for the formation of a pan-African group of trade journalists who will champion the AfCFTA agenda as well as an African Chamber of Commerce led by individual countries.
The group of journalists were of the view that the formation of such a body is the surest way to sensitise the continent on the merits of the AfCFTA.
They spoke at a webinar hosted jointly by the African Prosperity Network (APN), organisers of the Africa Prosperity Dialogues (APD), and the Africa Continental Free Trade Area (AfCFTA) secretariat in Ghana on Tuesday (December 19, 2023).
Latest developments on the AfCFTA
This year’s priority: Acceleration
The African Union’s theme for 2023 is “Year of AfCFTA: Acceleration of AfCFTA Implementation.” And with good reason. A flagship project of the AU, the African Continental Free Trade Area (AfCFTA) offers an unprecedented opportunity to realize a more integrated and prosperous continent as envisioned in the AU’s Agenda 2063, Africa’s framework for structural transformation.
WEEKLY INFORMATION
1 DECEMBER, 2023.
Nigerians unaware of all opportunities under AfCFTA – Stakeholders
Stakeholders have said that Nigerians are not harnessing all the opportunities offered by the African Continental Free Trade Agreement.
These stakeholders who spoke on Tuesday, during a roundtable on the AfCFTA and Trade-in-Services, organised by the Center for International Private Enterprise, revealed that there are opportunities to render services under ACFTA for economic gains.
https://punchng.com/nigerians-unaware-of-all-opportunities-under-afcfta-stakeholders/
Operational Phase Of The African Continental Free Trade Area Launched
The 12th Extraordinary summit of the African Union which was held in Niamey on the 7th of July 2019 was a momentous occasion for Africa, as it saw the successful launching of the operational phase of the African Continental Free Trade Area (AfCFTA). The AfCFTA agreement was adopted and opened for signature on 21 March 2018 in Kigali and entered into force on 30 May 2019.
https://au.int/en/articles/operational-phase-african-continental-free-trade-area-launched
Somalia embraces the AfCFTA, validates its National Strategy
The Ministry of Commerce and Industry of Somalia, in collaboration with the Economic Commission for Africa (ECA), convened a validation meeting of its AfCFTA implementation...
WEEKLY INFORMATION
24 NOVEMBER, 2023.
30 countries to begin trading under AfCFTA next year
African Commodity Exchanges unite to boost trade and combat food insecurity.
In a landmark move aimed at revitalizing intra-African trade and combating food insecurity, commodity exchanges across the continent have joined forces to establish the AfCFTA Association of Commodity Exchanges under the AfCFTA Guided Trade Initiative.
This groundbreaking initiative was announced at the Intra-Africa Trade Fair 2023, held in Cairo, Egypt.
East Africa's exports to the rest of the continent hit $9 billion.
Statistics show that total intra-EAC trade grew by approximately 11.2 percent to $10.9 billion in 2022 from $9.8 billion in the previous year.
WEEKLY INFORMATION
17 NOVEMBER, 2023.
Egypt’s Trade Minister calls for accelerating AfCFTA activation
Minister of Trade and Industry Ahmed Samir highlighted the importance of accelerating the implementation and activation of the African Continental Free Trade Area (AfCFTA) as it is an essential axis of increasing intra-African trade rates.
Truworths boss says textile industry cannot benefit from AfCFTA
TRUWORTHS Limited chief executive officer Bekithemba Ndebele says the local textile industry is too decimated to benefit from the African Continental Free Trade Area (AfCFTA) as over 90% of formal manufacturers have shut down.
Standard inspectors to support AfCFTA controls – Standards Authority
A Marketing Officer at the Northern Regional Office of the Ghana Standards Authority, Mahamud Misbaw, has stated that the recently commissioned Trading Standards Inspectors (TSI) of the Ghana Standards Authority will play a crucial role in checking AfCFTA controls at various markets nationwide.
https://www.myjoyonline.com/standard-inspectors-to-support-afcfta-controls-standards-authority/
WEEKLY INFORMATION
10 NOVEMBER, 2023.
New deal for African, US companies to partner under AfCFTA
As AGOA is set to expire in 2025, African Ministers of Trade expressed the need for urgent renewal of AGOA with non-controversial amendments for a minimum of 10 years to provide the required predictability and certainty to the markets.
They urged that the review of the AGOA eligibility criteria should be more inclusive by including MSMEs, women, and youth.
AGOA, AfCFTA can be complementary
Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, says the United States of America's African Growth and Opportunity Act (AGOA) initiative and the AfCFTA can be complementary and supportive trade initiatives.
He was speaking at a media briefing on the side lines of the ongoing hashtag#AGOA forum held in Johannesburg.
https://www.sanews.gov.za/south-africa/agoa-afcfta-can-be-complementary
WEEKLY INFORMATION
3 NOVEMBER, 2023.
How ambitious AfCFTA implementation can drive agricultural trade growth for Africa. More sophisticated non-tariff measures, coupled with environmental and climate provisions, will help deepen Africa’s agricultural trade. Dr Ousmane Badiane, executive chair of AKADEMIYA2063, explains the findings of a recent report.
WEEKLY INFORMATION
13 OCTOBER, 2023.
Full implementation of AfCFTA will increase intra-Africa trade value to $195 billion by 2045
The Economic Commission for Africa (ECA) has said that the full implementation of the free trade area will increase the value of intra-Africa trade to $195 billion by 2045.
This is contained in a statement issued by the communication department of the ECA.
A year of trading under AfCFTA – a Rwandan businesswoman’s story
Rwanda exported its first consignment of goods to Ghana, on September 30, 2022, under the African Continental Free Trade Area (AfCFTA) Guided Trade Initiative aimed to kick off commercially meaningful trade across the continent.
Chemicals, cosmetics sectors to benefit from AfCFTA
The chemicals, cosmetics, plastics and pharmaceutical sectors are set to get acquainted with the benefits offered under the African Continental Free Trade Area (AfCFTA).
https://www.sanews.gov.za/south-africa/chemicals-cosmetics-sectors-benefit-afcfta
WEEKLY INFORMATION
29 SEPTEMBER, 2023.
Cross-border barriers bar Nigeria from $450bn AfCFTA initiative
Despite the immense benefits of the African Continental Free Trade Agreement, the Nigerian private sector has lamented that many trade restrictions and logistics challenges have been hampering the country from harnessing the potential of the trade agreement, Oluwakemi Abimbola reports
https://punchng.com/cross-border-barriers-bar-nigeria-from-450bn-afcfta-initiative/
WEEKLY INFORMATION
15 SEPTEMBER, 2023.
ECOWAS adopts strategy for accelerated AfCFTA implementation in region
The Economic Community of West African States (ECOWAS) has adopted a regional strategy to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) agreement in the ECOWAS region and leverage on opportunities for growth and prosperity.
https://guardian.ng/news/ecowas-adopts-strategy-for-accelerated-afcfta-implementation-in-region/
WEEKLY INFORMATION
8 SEPTEMBER, 2023.
African Union intensifies efforts to foster growth of start-up ventures in Africa.
The African Union led by the Department of Economic Development, Trade, Tourism, Industry, and Minerals(ETTIM) is set to host the second edition of the annual African Union Micro Small and Medium Enterprises (MSME) Forum from the 4th -8th September 2023 at the AU Head quarter in Addis Ababa, Ethiopia. The forum will focus on "Start-up Acts: An Instrument to Foster Development and Innovation in Africa," delving on the importance of policies that serve as incentives for young people to start a venture, investors to put their money into promising companies, and other ecosystem actors to lend their support in start-up enterprises.
https://au.int/en/pressreleases/20230901/au-intensifies-efforts-foster-growth-start-ventures-africa
BRICS+6 to control 30% of global GDP, 46% population
The new members will become part of BRICS effective January 1, 2024.
The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member.
Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP.
But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent.
WEEKLY INFORMATION
1 SEPTEMBER, 2023.
AfCFTA: Traditional institution, key to successful implementation
Multiple award-winning filmmaker and producer, David Akwara has made the case for the involvement of royal fathers and traditional institutions in the implementation of the Africa Continental Free Trade Area (AfCFTA) agreement.
How can AfCFTA’s $10bn fund benefit Rwandan women, youth traders?
Rwandan women and youth traders should seize the various opportunities provided by the African Continental Free Trade Area (AfCFTA) ‘Adjustment Fund’, Denis Karera, a businessman and Vice Chairperson of East Africa Business Council (EABC), has said.