Industry

Eight African countries set to start trading using AfCFTA

ACCRA— Deputy Minister of Trade and Industry, Herbert Krapa, has announced that Ghana, together with seven other countries are set to commence trading under the African Continental Free Trade Area (AfCFTA).

 

So far, 54 African countries have signed the AfCFTA agreement with 46 including Customs Union having submitted their tariff offers.

 

According to Herbert Krapa, 87.7% of tariff lines have been agreed upon under the rules of origin negotiations and phase two negotiations on investment, intellectual property rights, competition policy, women and youth in trade and digital trade were ongoing.

 

Speaking at the Export Trading Company Seminar in Accra, the Deputy Minister of Trade and Industry said, “Actual trading is starting between Cameroon, Egypt, Kenya, Mauritius, Rwanda, Tanzania, Tunisia and Ghana.

 

In the coming weeks, the dream of our forebears will be off the ground, and historic as the moment may be.”

 

He further commended Afrexim Bank for setting up export trading companies across Africa to facilitate trade across the continent.

 

AfCFTA was introduced in 2018 and it aims at creating a single market for Africa, as well as, ensuring the free movement of goods and services on the continent which will help expand Intra-African trade.

 

This implies that goods will be sold at a relatively cheaper price because of the increase in production which will, in turn, create both direct and indirect jobs for the teeming unemployed youth.

 

The free trade area also allows traders and/or importers to stay competitive.

 

Businesses when conducted in a free and safe environment will help reduce poverty in member states as well as create sustainable development.

 

 

Source: NAM NEWS NETWORK

Author Since: Dec 08, 2021

Related Post