Which Countries Did Not Sign The African Free Trade Agreement

Negotiations are under way with the African parties (Member States or REC) on Phase I protocols on trade in goods and services. Negotiations on Phase I protocols on competition, intellectual property rights and investments are expected to begin at the end of 2019. The overall objectives of the agreement are:[20] Agenda 2063 aims to bring Africa together in various ways. However, at an AU summit in Niger, the focus will be on a free trade agreement, with little time for other issues. (05.07.2019) African Union and its member states. AfCFTA complements existing regional trade agreements in Africa There are more obstacles on the afCFTA route than simply reducing tariffs, experts say. Lack of infrastructure, a fundamental condition of the functioning of trade, is a major problem. Aisha Abdullahi stresses that improving the continent`s infrastructure is also on the AU`s agenda: “The safety of the open sky, the acceleration of our railways, our roads: there are already projects on the continent.” Abdullahi acknowledges that there are other challenges such as corruption, but believes the agenda is “on the right track.” AfCFTA is the African continent`s most ambitious integration initiative, enshrined in the African Union`s Agenda 2063, whose main objective is to create a single continental market for goods and services with the free movement of people and investment, thereby expanding intra-African trade across the continent, strengthening competitiveness and supporting the economic transition in Africa. The SAfCFTA secretariat is responsible for coordinating the implementation of the agreement and is an autonomous body within the AU system. Although it has an independent legal personality, it will work closely with the AU Commission and receive its AU budget. The Council of Ministers responsible for trade will decide on the headquarters, structure, role and responsibilities. [35] The African Union Assembly of Heads of State and Government is the highest decision-making body.

It will probably meet during the AU summit. [39] The Council of Trade Ministers provides strategic trade oversight and ensures the effective implementation and implementation of the AfCFTA agreement. [39] Africa`s economic power is not immune to this tendency to protect narrow national interests from perceived foreign threats. One of the last nations to sign the AfCFTA agreement, but which has not ratified it, is Nigeria, the continent`s most populous country (with 200 million people) and the largest economy (with a nominal GDP of $376 billion, or 17% of Africa`s GDP). or Nigeria could become a dumping site for finished products. The agreement was negotiated by the African Union (AU) and signed on 21 March 2018 by 44 of its 55 member states in Kigali, Rwanda. [15] [16] The agreement first requires members to remove tariffs on 90% of goods, allowing free access to goods, goods and services across the continent. [15] The UN Economic Commission for Africa estimates that the agreement will boost intra-African trade by 52% by 2022.

[17] The proposal is expected to enter into force 30 days after ratification by 22 of the signatory states. [15] On 2 April 2019, The Gambia became the 22nd state to ratify the Convention[18] and on 29 April, the Sahrawi Republic tabled the 22nd filing of ratification instruments; The agreement entered into force on 30 May and entered its operational phase following a summit on 7 July 2019. [19] In this context, it is of concern that the Ministry of Small Business Development is developing legislation to exclude foreigners from activity in certain sectors.

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