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Browsing: African Continental Free Trade Area (AfCFTA)
- Companies within the Special Economic Zone (SEZ) benefit from reduced corporate tax rates, zero-rated VAT, lower withholding taxes, and preferential import duties.
- The business hub has successfully attracted 17 firms so far, and eight have already enjoyed the benefits of the SEZ framework.
- By 2040, Nairobi Gate envisions a facility that supports Kenya’s industry needs and serves as a model for SEZ operations in sub-Saharan Africa.
Nairobi Gate Industrial Park Special Economic Zone (SEZ) has announced the groundbreaking of its fifth phase, a $7 million expansion project in Kenya’s agro-processing industry.
Designed to support Kenya’s agro-processing potential, this initiative reflects Nairobi Gate‘s strategic commitment to nurturing local industries and empowering the country’s role in regional and global supply chains.
The development aims to create a modernized environment tailored for light manufacturing, offering critical infrastructure and streamlined operational benefits for businesses.
Scaling up agro-processing and light manufacturing
At the heart …
- The EU is supporting efforts in the Horn of Africa that will boost regional economic integration and trade.
- Djibouti’s major trading partner countries include Ethiopia and troubled Somalia.
- Trade Mark Africa is helping implement a single window system which is already in use across EAC.
The EU has expressed its support for Djibouti’s plan to enhance connectivity within the Horn of Africa, a move that will promote trade with Ethiopia, one of the region’s biggest trade partners.
This collaboration is in sync with the African Alliance for e-commerce, a consortium comprising 18 member countries, dedicated to advancing the Single Window concept. This alignment adheres to the recommendations set forth by international institutions.
A pivotal project within the Alliance is the establishment of a Regional Single Window, designed to seamlessly interconnect all national platforms. The overarching goal is to streamline trade processes, bolstering the competitiveness of African nations on the global …
The East African region has a long history of cooperation stretching back to 1900 when a Single Customs Collection point was established at Mombasa. Still, Non-Tariff Barriers remain a challenge to trade. The first instance of regional integration dates back to 1917 between Uganda and Kenya.…
- Kenya will progressively allow more imports from the EU into its market.
- An EU official terms the trade agreement with Africa’s seventh largest economy “a partnership of equals”.
- Under the Kenya-EU trade deal, Nairobi’s exports to European bloc will be tariff-free from day one.
A new Kenya-EU trade deal will see Nairobi’s exports to the European bloc enjoy tariff-free status from day one, while tariffs on EU exports will be liberalised over time but not on all products. The Kenya and European Union trade deal will provide new opportunities for Kenyan and European businesses, including the micro-, small- and medium-sized enterprises.
The two parties have concluded negotiations on the much awaited Economic Partnership Agreement. A new era of Kenya-EU trade ties will start in post-Brexit world where Brussels is exerting more influence across Africa.
European Commission Executive Vice-President and EU Trade Commissioner Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry …
- Standard Bank has developed the Africa Trade Barometer, a tool that blends qualitative and quantitative data across African markets.
- The Africa Trade Barometer is instrumental in solving access to information, a significant non-tariff barrier in Africa.
- It provides a near real-time view of trade openness, access to finance, and macroeconomic stability data among others.
Standard Bank, the biggest lender by assets across Africa, has thrown its weight behind the African Continental Free Trade Area (AfCFTA) saying it is a key opportunity to alleviate poverty, drive economic activity and achieve prosperity.
By eliminating trade barriers, AfCFTA aims to lift about 30 million Africans out of poverty by increasing incomes across the continent by seven percent by 2035. Once implemented, AfCFTA will be the world’s largest free trade area ever rolled out.
Standard Bank wants to power AfCFTA take-off
Recent global supply chain woes suffered in Africa illustrate the urgent need of …
- Rwanda and Kenya who have already started trading through the agreement.
- Mid-February, Tanzania also said it was ready to trade under the agreement.
- The implementation of AfCFTA is projected to increase intra-African trade significantly, especially in manufacturing.
Uganda has expressed readiness to join Kenya, Tanzania and Rwanda in trading under the African Continental Free Trade Area (AfCFTA) as the continent slowly embraces the pact.
The implementation of AfCFTA is projected to increase intra-African trade significantly, especially in manufacturing.
The share of intra-Africa exports to total global exports is expected to increase in Tanzania by 28 per cent, Uganda by 29 per cent, Rwanda by 33 per cent and Kenya by 43 per cent.
“As Ugandan private sector, we are ready to trade under the AfCFTA Guided Trade Initiative and follow our counterparts from Rwanda and Kenya who have already started trading through the agreement,” East African Business Council (EABC) Vice …