Browsing: AfCFTA Secretariat

AfCFTA: nations to have opportunities to scale up and expand their trading markets in 2022.

The AfCFTA Agreement has been signed by 54 African nations thus far.  Among them, 46 tariff proposals have been filed, including one by the Customs Union. Furthermore, 29 tariff proposals are technically validated for trade.

Under the Rules of Origin discussions, 87.7% of import tariffs have been settled, while phase two consultations on Investment, Intellectual Property Rights, Competition Policy, Women and Youth in Trade, and Digital Trade are underway.

The pan-African payments infrastructure was commissioned after a successful pilot phase in the West African Monetary Zone (WAMZ) countries where live transactions were done instantly.

Afreximbank worked with the West Africa Monetary Institute (WAMI) to launch the system in the WAMZ.

Following this successful milestone, PAPSS is now engaged in advanced discussions with other national and regional institutions for its rapid expansion across the continent.

The AfCFTA is the largest trade agreement, by composition of countries enjoined, since the formation of the World Trade Organization. Currently, 54 out of the 55 African countries have signed the AfCFTA, with 41 having ratified it.

The agreement is set to ultimately open up the African market to trade freely, will boost intra-African trade and trigger structural transformation with the goal of reducing poverty.