Africa Signs Free Trade Agreement

The SAfCFTA secretariat is responsible for coordinating the implementation of the agreement and is an autonomous body within the AU system. Although it has an independent legal personality, it will work closely with the AU Commission and receive its AU budget. The Council of Ministers responsible for trade will decide on the headquarters, structure, role and responsibilities. [35] The African Union Assembly of Heads of State and Government is the highest decision-making body. It will probably meet during the AU summit. [39] The Council of Trade Ministers provides strategic trade oversight and ensures the effective implementation and implementation of the AfCFTA agreement. [39] The signing of the Framework Protocol does not immediately create a free trade area. Countries have yet to conclude negotiations on protocols on trade in goods and services, intellectual property rights, investment and competition. Nigeria is Africa`s largest economy and, for a long time, a regional leader, so observers, as they became bogged down, wondered whether the African trading bloc would ever take place.

Economic Integration Forecast Models Forecasting Models General Balances Trade Agreements Structural Reforms Trade Barriers Trade Finance Models Trade Finance Models Abuja (Reuters) – Nigerian President Muhammadu Buhari has signed the $3,000 billion free trade agreement for Africa, a spokesman confirmed on Sunday. Albert Muchanga, Commissioner for Trade and Industry, told Africa Renewal that the African Free Trade Agreement will not be a traditional trade agreement focused on tariff reduction. Instead, the Kigali agreement aims to liberalize the services sector. He added that the two countries are now at peace and that Eritrea has asked the AU to conclude the agreement with them. At the Kigali Summit, areas of agreement were reached on trade protocols, dispute settlement procedures, customs cooperation, trade facilitation and rules of origin. This was part of Phase I of the agreement, which deals with the liberalisation of goods and services. There was also a consensus on reducing tariffs to 90% of all goods. Each nation can exclude 3% of the goods from this agreement. [25] In order to facilitate the implementation of the free trade area, the following institutions were created. As a result of the Phase II negotiations, additional committees may be set up through minutes. [38] Some members of the international community are not as optimistic about the African free trade area and have made no secret of their skepticism. Togolese Foreign Minister Dussey replied: ”African development is primarily the responsibility of Africans.” He blames some rich countries for not being too concerned about Africa`s industrialization: ”You know we have a work problem for our youth.

It is important that we have strong industries to have work for young people,” he warned, veiledly, against an industrialized world that is afraid of mass migration. With Nigeria`s signature, AfCFTA`s dream of increasing intra-African trade, currently below the continent`s trade volume with Europe, has taken a step forward.