Page 35 - Afcfta News Today

February 1, 2021 Sub-Saharan Africa will see moderate but positive growth of 2.7% this year, a welcome rebound from the region’s first recession of 25 years in 2020 when the region shrank by an estimated -3.7%. But 2021 is probably going to be just as tough for African economies as it was in 2020. Last year, there was a 6.1% decline in per capita income in the region, the “deepest contraction on record,” says the World Bank in its latest global outlook. There’ll be a further 0.2% declin...

Addis Ababa [Ethiopia], January 30 (ANI/Xinhua): The United Nations Economic Commission for Africa (UNECA) on Friday expressed its keen intention to deepen Africas trade integration and effectively implement the African Continental Free Trade Area (AfCFTA) Agreement. "The number of members that have ratified the African Continental Free Trade Area (AfCFTA) agreement is approaching 40 with the continents leadership showing immense political will towards achieving its aspirations," the UN agency ...

Kenya Private Sector Alliance (Kepsa) Chairman and Head of the East African Business Nicholas Nesbitt said the change in administration in Washington is an opportunity for local companies to create more jobs by accessing one of the largest consumer markets in the world.          “We hope and pray that President Biden will push and encourage the free trade agreement, and we should revive the discussions around the EAC (East African Community)-US trade and investment partnership,” said M...

The container ship MSC Samantha of the Meriterranean Shipping Company is docked at the Apapa Port Complex in Lagos, Nigeria’s economy hub (Photo by PIUS UTOMI EKPEI / AFP) Before I delve further into the details of our ongoing efforts in the Federal Ministry of Industry, Trade and Investments in the delivery of our mandate, I would like to revisit some fundamental challenges facing our nation today in order to provide the context for some of the major economic initiatives we are implementing ...

Youth series to raise awareness of Africas development policies 25 Youth series to raise awareness of Africas development policies THE Pan African Movement Rwandan Chapter has launched youth series that seek to raise awareness and ensure ownership of policies that seek to develop the African continent. Dubbed Africa Expects Youth Series, the program will be held virtually every month and bring together decision makers and youth from different African countries and diaspora communities. Accordin...

The East African Wednesday January 20 2021 Workers at a textile workshop in Kenya. East African Countries are looking for a policy to aid access to more markets. PHOTO | FILE | NMG Summary The EAC Secretariat with the support of the Commission is designing a regional strategy for the implementation of the pact that seeks to liberalise trade in goods and services on the continent by opening up a market of 1.2 billion people. Advertisement East African Community member countries have engaged the ...

Punch Newspapers Sections  Nike Popoola The President, African Development Bank, Dr. Akinwumi Adesina, and 10 African heads of state and government have been honoured for their leadership in the African Continental Free Trade Area process. African Development Bank said this in a statement titled ‘Africa Free Trade Agreement: President Adesina receives award for strong leadership and support’. The AfCFTA, the largest free trade area in the world, began trading in January 2021 and is expecte...

Although Sub-Saharan Africa requires massive investment, with over $73b needed on irrigation and storage infrastructure alone to unlock potentials of agricultural sector, some stakeholders, yesterday, said with the right policies, the African Continental Free Trade Agreement (AfCFTA) may address existing barriers to agricbusiness and limit the continent’s vulnerability from excessive import of agric produce. Currently, Africa barely trades with itself. Just 16 per cent of African exports are...

Cameroon sensitizes economic operators on the opportunities presented by the AfCFTA (Business in Cameroon) - Today January 14, 2021, Cameroonian economic operators are scheduled to meet, in Douala, for a conference on the operationalization of the African Continental Free Trade Area (AfCFTA). Initiated by the Ministry of Trade, this conference organized with the assistance of the UNECA’s regional office aims to provide “ operators with tips for a successful operationalization of the...

After much anticipation, the African Continental Free Trade Area (AfCFTA) came into effect on January 1, eliminating tariffs on 90% of goods produced on the continent. But for the agreement to be successful, countries must address more nuanced non-tariff barriers and build regional value chains. Having been pushed back six months from its initial implementation date, trading under the AfCFTA has commenced. All African Union members but one, Eritrea, have signed the deal, and 34 out of 54 sign...