Browsing: Trade

• The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation.
• Through exploring these challenges and opportunities in-depth, the U.S.-Africa Leaders Summit seeks to chart new avenues for improved U.S.-Africa cooperation.
• The business forum focuses on growing the commercial partnership between the U.S. and Africa, with priority discussion topics including the U.S.-Africa commitment to trade and investment.

The United States Chamber of Commerce’s U.S.-Africa Business Center (USAfBC) and the African Continental Free Trade Area Secretariat (AfCFTA) on Wednesday signed a Memorandum of Understanding (MoU) to launch a working group to help advance trade and investment between the U.S. and Africa. 

The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation. 

Scott Eisner, President of the U.S.-Africa Business Center, said coordination between the private sector and the AfCFTA is key to unlocking Africa’s full economic potential.

“As the world’s leading …

When buying any product what do you really look at on the labels? How often do you check where the products were made? Who knows, maybe some of the products are made on Mars.

One thing for sure is you will come across a tag which reads: ‘Made in Zimbabwe,’ ‘Proudly manufactured in Zimbabwe’ or simply ‘Grown in Zimbabwe.’

Exports continue to grow this year thanks to the increasing popularity of Zimbabwean products in regional markets.

According to statistics recently released by ZIMSTAT, Zimbabwe’s exports grew by 12.8 per cent, from US$3.75 billion to US$4.22 billion, between January and August this year.

This growth has been anchored by export growth in emerging and non-traditional markets in countries such as United Arab Emirates (UAE), China, Belgium, and Italy.

The figures show that Zimbabwe’s products to United Arab have grown to US$1.38 billion in 2022. Exports to China also grew to around …

• Last year, trade between Angola and Italy was valued at US$400 million.
• Vice-president of the Angola-Italy Chamber of Commerce and Industry (CCIAI), Hélder Cardoso, said strengthening of financial collaboration between Angola and Italy is with a view to diversifying Angola’s exports.
• In the first quarter of 2022, the USA, France, Italy, China and the United Kingdom were the countries that stood out in terms of the origin of foreign direct investment in the oil sector.

In 2021, trade between Angola and Italy was valued at US$400 million, thus corresponding to an increase of more than US$100 million dollars compared to the same period last year.

From the total, US$280 million derived from the country’s oil exports to Italian soil, while US$180 million represents imports of agricultural equipment and the country’s manufacturing industry in this European country.

This information was revealed by Hélder Cardoso, vice-president of the Angola-Italy Chamber of Commerce …

As a high-risk area, Kenya was paying billions to shipping lines for insurance of their goods.

But there is a break. The International Maritime Organisation (IMO) has removed the Indian Ocean from the list of High-Risk Areas (HRA) giving a major boost to trade for Kenya and the wider Eastern African region.

The decision was communicated during the 106th session of the Maritime Safety Committee at the International Maritime Organization in London. This is the UN agency responsible for the safety and security of shipping, by the Best Management Practice (BMP-5). It consists of the five largest global shipping industry associations.

BMP-5 looks to deter piracy and enhance maritime security in the Red Sea, Gulf of Aden, Indian Ocean and Arabian Sea.…

Senegal’s oil and gas discoveries account for only 0.07 per cent and 0.5 per cent, respectively, of world reserves.

But Senegal’s Petroleum and Energies Minister Sophie Gladima said, “they are important enough to radically change the economy and industrial fabric of our country and thereby its future prospects.”

“Just exploiting our hydrocarbons will enable us to accelerate public access to electricity and, above all, to lower the cost of production and encourage industrialisation.”

She further underlined the legal framework needed to bring thousands of Senegalese jobs into the sector and the setting up of the National Institute of Oil and Gas to turn out a highly qualified workforce.

Funny enough, Namibia, also admitted as a member, is not yet producing any oil. Namibia recently announced that it would consider joining the Organization of Petroleum Exporting Countries if the oil fields are found to be large enough for commercial development.…

The agreement was finalized during a visit to the NYSE by a South African delegation including JSE Group CEO Dr. Leila Fourie and South African Reserve Bank Governor Lesetja Kganyago. The signing ceremony took place shortly before the delegation rang the Closing Bell, followed by a keynote address by Kganyago on monetary policy.

“The New York Stock Exchange is pleased to sign this collaboration agreement with the Johannesburg Stock Exchange in support of the important economic and trade relationship between our two markets,” said Lynn Martin, NYSE president.

“Exploring the dual listings of companies on our two exchanges stands to increase opportunities for investors on both continents, underscoring the value public companies and our capital markets generate in the global economy. We look forward to collaborating on new product development with the JSE team and to the innovation that comes when two great organizations work together.”…

This year’s progress has been threatened by Russia’s invasion of Ukraine, which has caused a global economic shock that has hit Africa at a time when the government’s policy space to respond to it is small to nonexistent.…