News - News Agency Of Nigeria

African nations begin trading under AfCFTA pact (Page 2,840)

African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA).

Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional integration, where minds are open to ideas and markets are to trade. Trade defuses the most fraught relations and integrated markets generate prosperity.”

South African President Ramaphosa said: “I wish to congratulate AU member states and state parties to the African Continental Free Trade Area on the historic commencement of trading. The vision of founders of the OAU has come to fruition. The dreams of an economically integrated Africa have finally been realized.”

He stated that the AfCFTA will fundamentally change the economic fortunes of the continent.

Continental trading under the AfCFTA started on 1 January 2021 and this is a historic milestone for Africa to start commercial business within the continent.

Under AfCFTA trading, tariffs on various commodities where rules of origin have been agreed will be drastically reduced and traders of all sizes will have access to a much bigger market than they used to before.

The Agreement establishing the AfCFTA was signed in March 2018 in Kigali Rwanda, following conclusion of the main legal texts.

The AU’s 54 Member States have signed, and 30 countries have deposited their instruments of ratification of the pact with the Chairperson of the African Union Commission in Addis Ababa.

The main objectives of the AfCFTA are to create a single market for goods and services, facilitate the movement of persons, promote industrial development and sustainable and inclusive socioeconomic growth, and resolve the issue of multiple membership, in accordance with agenda 2063.

It also lays a foundation for the establishment, in future, of a Continental Common Market.

Ramaphosa, in his capacity as outgoing Chairperson of the AU, on Friday addressed a virtual ceremony to mark the official launch of the African free trade area.

He said said the governments of all Member States must promote the inclusion of women and the youth within the African Continental Free Trade Area.

“I appeal to all Member States to spare no effort in creating conducive environments for our youth and women to benefit in the opportunities presented by the ACFTA. Indeed, the focus of our trade agreement should be directed to a larger extent on development and sustaining small and medium enterprises and not only on well established big companies.”

President Ramaphosa called on African countries to prioritise silencing the guns, saying the AfCTA will not succeed amid conflict.

Meanwhile, the South African Trade and Indesidentustry Department has urged the country’s manufacturers and farmers to gear up for new export opportunities.

The Department said South Africa has put in place the legal and administrative processes for preferential trade under the AfCFTA.

The AfCFTA aims to bring together 1.3 billion people in a $3.4 trillion economic bloc Africa a new opportunity to develop its own value chains. According to the World Bank , it could lift millions of African people out of povery by 2035.

African nations begin trading under AfCFTA pact

By: Ifeanyi Nwoko

On: January 3, 2021

In: Economy/Business

African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA).Continue Reading

Pope calls Maradona a fragile poet; decries doping cheats

By: Ifeanyi Nwoko

On: January 3, 2021

In: Sports

Pope Francis has hailed fellow Argentine Diego Maradona as a “poet” on the pitch, but also acknowledged his frailty away from the sport.Continue Reading

11 Republican senators to challenge Biden’s presidential election win

By: Ifeanyi Nwoko

On: January 3, 2021

In: Politics

A group of 11 Republican senators and senators-elect on Saturday said that they intend to appeal the upcoming certification of the results of the presidential election.Continue Reading

Police arrest 18 suspects over riot in Zamfara

By: Ifeanyi Nwoko

On: January 3, 2021

In: General News

The police command in Zamfara has arrested 18 suspects over a riot, leading to destruction of property including the Emir of Shinkafi’s palace.Continue Reading

Balogun market shifts resumption to Jan. 11 for security reasons – Official

By: Ifeanyi Nwoko

On: January 3, 2021

In: General News

The Caretaker Management Committee of Balogun market, Lagos Trade Fair Complex, has shifted its resumption, earlier scheduled for Jan. 4, to Jan. 11, for security reasons, the Secretary of the committee, Mr Leonard Ogbonnia has said.Continue Reading

Military airstrikes knock down more terrorists’ hideouts, eliminate scores

By: Ifeanyi Nwoko

On: January 3, 2021

In: Defence/Security

The Defence Headquarters says the Air Task Force of Operation Lafiya Dole has knocked down more terrorists’ hideouts, killing scores in two locations in Borno.Continue Reading

Gov. Akeredolu condoles with family of his Chief Protocol Officer

By: Ifeanyi Nwoko

On: January 3, 2021

In: General News

Gov. Oluwarotimi Akeredolu of Ondo State has condoled with the family of Tosin Ogunbodede, his Chief of Protocol (COP), who died on Saturday, Jan.2, after an auto crash on Ilesa-Akure Road.Continue Reading

How COVID-19 pandemic affects academic activities in Kano

By: Ifeanyi Nwoko

On: January 3, 2021

In: General News

The sudden outbreak of coronavirus disease 2019 (COVID-19) which originated from the city of Wuhan, China, has become a major public health challenge for countries all over the world.Continue Reading

No excuses for Wolves’ collapse at Brighton, says Nuno

By: Ifeanyi Nwoko

On: January 3, 2021

In: Sports

Wolverhampton Wanderers manager Nuno Espirito Santo was left frustrated after his side let slip a two-goal lead to draw 3-3 at Brighton & Hove Albion on Saturday and said his players paid the price for lack of game management.Continue Reading

Foundation seeks to bridge poverty-gap in Nigeria

By: Ifeanyi Nwoko

On: January 3, 2021

In: General News

The Ebele and Anyi Chuks Foundation, a non-governmental organisation says it seeks to bridge the gap between the rich and the poor with its humanitarian activities.Continue Reading

Follows Us

African nations begin trading under AfCFTA pact (Page 2,840)