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Trade Development News
- Aug 17, 2020
- 1 min
AfCFTA: World’s Biggest Free-Trade Pact Targets First Deal in 2021
The first commercial deal under an Africa-wide free trade zone will take place on Jan. 1 as outstanding talks are set to move online, the African Union said. While the African Continental Free Trade Area entered into force legally last year, transactions that were due to start on July 1 were delayed as the virus set back negotiations on the protocol for trade in goods, including tariff concessions. The outstanding negotiations will be finalized through a new African Virtual T
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Trade Development News
- Jul 31, 2020
- 3 min
WORLD BANK - Africa Trade Pact Could Boost Income by $450 Billion, Study Finds
WASHINGTON, July 27, 2020—The African Continental Free Trade Area (AfCFTA) represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion, a new World Bank report has found. If implemented fully, the trade pact could boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035. The report suggests that achieving these gains will be particularly important giv
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Trade Development News
- Feb 6, 2020
- 2 min
Can the African Continental Free Trade Area succeed where previous initiatives have failed?
Africa heads into a historic year in which the long-awaited African Continental Free Trade Area (AfCFTA) finally becomes a reality, with trading under the scheme scheduled to begin on 1 July. The largest free trade zone to come into being since the launch of the World Trade Organisation in 1995, the AfCFTA is a bold venture, especially on a continent where intra-African trade is languishing at about 18% of total trade. And the political will behind it is unprecedented for a
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Trade Development News
- Oct 24, 2019
- 1 min
African Continental Free Trade Agreement to benefit infrastructure & industrial development
The African Continental Free Trade Agreement (AfCFTA) would combine market integration with infrastructure development, and industrial development to boost intra-Africa trade and sustainable economic growth. The African Union created the agreement which was signed on by 54 of its 55 member states in Kigali, Rwanda on 21 March 2018. The agreement “initially requires members to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the
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