South Africa, Sierra Leone, Lesotho, Burundi, and Namibia signed the agreement establishing the African Continental Free Trade Area today at the 31st #AUSummit. Eswatini and Chad deposited their instruments of ratification of the #AfCFTA in #Nouakchott#Mauritania
#Abidjan, Côte d'Ivoire was yesterday the second step of the #AfCFTA sensitization tour. Commissioner Muchanga met & discussed with Ivorian entrepreneurs, at Cote d'Ivoire Chamber of Commerce, the positive impact of the implementation of the African Continental Free Trade Area.
The @_AfricanUnion in partnership with the @AfroChampions started today the 1st #AfCFTA sensitization tour in West Africa. The 1st step was #Accra where they discussed with Association of Ghana Industries under the theme "A win-win approach to successfully implement the AfCFTA."
The crisis of the multilateral trading system means that Africa’s priority issues are unlikely to be addressed in the short-term at the multilateral level: https://t.co/WHNIyl2Tke
@AmakaAnku@nonso2 Market access through the AfCfTA therefore becomes imperative for Nigeria’s development . Perhaps Nigeria’s economic policy making has been hindered by too much short term thinking and lack of execution, and we need to focus more on the long term thinking and benefits
@AmakaAnku@nonso2 The inefficiencies and lack of predictability of informal trade prevents producers from getting full benefits. The question is if the size of Nigeria’s domestic market is large enough to drive its growth and development, short or long term. I think not.
@AmakaAnku Potential benefits ...or losses, of any trade agreement are literally all on paper. Nonetheless... trade in goods are just one aspect of the Agreement. It also includes trade in services where Nigerian firms in a number of sectors are quite competitive already
@c_kiruStrategy It is an extremely large file and it should be on the AU website in a few days. I promise to share the link and answer any related question as soon as I can. I will send to you directly.
@c_kiruStrategy There is a full Annex in the AfCFTA Agreement dedicated to resolving these types of challenges- in a world where modern manufacturing is dominated by global value chains
@c_kiruStrategy In the case of vehicle assembling, it will depend on the specific originating criteria negotiated for motor vehicles (yet to be agreed under the AfCFTA)
@c_kiruStrategy No. Trade Agreements including the AfCFTA include rules or origin, which are sometimes product specific. Mere Relabeling can’t confer origin.