Browsing: World Trade Organisation (WTO)

The ‘Commonwealth Advantage’ in propelling AfCFTA success

Countries

AfCFTA facilitates better access to trade across the continent for all Commonwealth citizens in member states; being one of world’s largest trading blocs. During her visit to Kenya in 2018, SG Scotland noted that, “AfCFTA gives the perfect platform to facilitate trade across the Commonwealth. Nineteen members of the AU are part of the Commonwealth family, the protocol is groundbreaking news because research shows, that when Commonwealth countries trade with each other, its 19 per cent cheaper and this is the Commonwealth Advantage.”

The combined GDP of Commonwealth countries, with a total population of over 2.4B, is now around $13 trillion and is estimated to reach $19.5 trillion in 2027. “With intra-Commonwealth trade expected to surpass $700 billion in 2022, and Commonwealth countries comprising a number of free trade zones including the Africa Continental Free Trade Area (AfCFTA), the Commonwealth Business Forum, provided a valuable opportunity to capitalize on global…

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EABC banks on Amb Amina’s WTO nomination to steer bloc’s reforms

Africa

An apex regional business community has backed Ambassador Amina Mohamed’s candidature for the position of Director General at the World Trade Organisation (WTO).  The East African Business Council (EABC) said that this was buoyed by her promise to steer reforms towards eliminating trade barriers and implementing the African Continental Free Trade Area (AfCFTA) agreement if selected. 

This followed a virtual meeting by the Business Council that convened industry captains from the East African region to deliberate on deepening relations between the private sector in East Africa and the WTO. 

Speaking from Geneva, Ambassador Amina said she would push for a vibrant multi-lateral trading system to boost Africa’s trade.  “If I was selected, I would be a strong advocate for an open trading system. I’d also be a leader in reforming the system and particularly in recovering the economy from the COVID-19 pandemic.”  

According to the UN Economic …