African Free Trade Agreement Countries

Despite MAN`s concerns, Ms Songwe insists that the agreement provides integrated protection for vulnerable sectors. “The agreement also expressly recognizes and provides special protection for threatened child industries as well as for key security interests or circumstances of critical balance-of-payments difficulties,” she said. At the summit, Benin and Nigeria signed the agreement, so Eritrea is the only African state not to be part of the agreement; Since then, Eritrea has applied to join the agreement. Gabon and Equatorial Guinea also tabled their ratifications at the summit. At the time of launch, there were 27 states that had ratified the agreement. [45] [47] [48] [49] These companies, operating in coordination with European, Japanese and Indian partners, could have a significant impact on economic growth in Africa and on Africa`s expansion as a market for foreign goods and services. As is currently believed, Prosper Africa will be a single point of contact for increasing trade and investment between U.S. and African companies. The initiative has clear links with afCFTA and, if fully implemented and adopted, could bring benefits to both players. Albert Muchanga, Commissioner for Trade and Industry, told Africa Renewal that the African Free Trade Agreement will not be a traditional trade agreement focused on tariff reduction. Instead, the Kigali agreement aims to liberalize the services sector.

The Continental Free Trade Area (AfCFTA) [9] is a free trade area with 28 countries from 2018. [1] [10] [11] [12] It was created by the African Free Trade Agreement between 54 of the 55 african union nations. [13] The free trade area is the largest in the world, in terms of the number of participating countries since the creation of the World Trade Organization. [14] Accra, Ghana, is the secretariat of AFCFTA and was commissioned by Ghanaian President Nana Addo Dankwa Akuffo Addo on 18 August 2020 in Accra and handed over to the AU. So far, it is true that only five East African countries have submitted their ratification of the AfCFTA. However, what matters is not the number of countries, but the fact that a regional bloc of contiguous countries, representing about three-quarters of regional GDP, is growing. From 1 January 2021, Djibouti, Ethiopia, Kenya, Rwanda and Uganda will all begin with a reduction in their tariffs – starting with a linear reduction to 90% of tariffs – which will result in the abolition of tariffs on intra-regional imports over a five-year period (10 years for countries considered by the United Nations as the “least developed countries”); By the standards of regional trade agreements, this pace of liberalization will be quite rapid. To date, all African countries have signed the AfCFTA agreement and 54 national governments have formally committed to the creation of AfCFTA, with the exception of Eritrea.

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