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Browsing: African Continental Free Trade Agreement (AfCFTA)
- Development of the Misurata Free Zone, road to Chad and Niger, and support for the Sahel-Saharan Bank for Investment and Trade are some of the key projects targeted in new era of cooperation.
- The partnership is poised to facilitate the development of vital infrastructure, bolster trade, and support Libya’s efforts in economic diversification and reconstruction.
- With a GDP of $50.49Bn in 2023, Libya is ranked as Africa’s 12th largest economy. However, less than 10% of its trade occurs with other African nations.
Libya has formally acceded to the Afreximbank Establishment Agreement, becoming the 53rd member nation of the pan-African financial institution. The entry of oil-rich Libya marks a crucial step in advancing continental integration through trade and investment.
Signed by Libya’s Minister of Finance, Dr. Khaled Al-Mabrouk Abdullah, the accession document sets the foundation for a new era of cooperation between Libya and African Export-Import Bank (Afreximbank). The partnership is …
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 launch of the African Continental Free Trade Agreement (AfCFTA) has been pushed from its initial date of July 1 to January next year due to COVID-19 pandemic.
AfCFTA’s Secretary-General Wamkele Mene said that the market is not conducive for the launch considering more than 42 countries out of 55 countries in Africa’s continent are under lockdown and the containment measures are complicating intra-trade.
Speaking to private sector players during a webinar organized by Africa CEO’s forum, Mr Mene said the decision to push forward the launch was made after wide consultation.
“Suspension of the implementation of AfCFTA from July 1 was not my decision but that of African Union Heads of States. I advised the assembly on the reality, facts, science and data on the ground on the situation of Covid-19. The decision of the new date, which also depends on how quick the pandemic is contained, was widely …
There has never been a better time to invest in Africa, says South African President Cyril Ramaphosa.
He said the continent’s governments are committed to creating the necessary enabling environment for business to flourish. Calling on the investor community to “harness the climate of reform” sweeping the continent and “take advantage of its momentum,” he said: “there has never been a better time to invest in Africa”.
Ramaphosa was speaking at the Financial Times Africa Summit in London, where other speakers included former Liberian president Ellen Johnson Sirleaf.
The launch of the African Continental Free Trade Area will “bring together into a single market 54 nations of some 1.2 billion people and a combined GDP of over $3 trillion,” Ramaphosa said.
He compared its significance for Africa to the 1992 Maastricht Treaty which created “a new era of European cooperation and integration”. This follows the enabling African Continental Free Trade …