Benin, Nigeria join African Union continental free trade bloc
July 11, 2019, 1:40:01 CEST | Wikinews

Wednesday, July 10, 2019 



African Union
Related articles


10 July 2019: Benin, Nigeria join African Union continental free trade bloc
26 September 2015: Civilian government restored as Burkina Faso coup ends
9 March 2015: Nigeria allies join fight against Boko Haram
10 September 2014: WHO warns of thousands of new Ebola cases
26 November 2011: Yahya Jammeh wins Gambia presidential election

Location of the African Union



Collaborate!

Pillars of Wikinews writing
Writing an article


Leaders of African Union (AU) member states met in Niamey, Niger's capital, for an AU summit where on Sunday Presidents Muhammadu Buhari of Nigeria and Patrice Talon of Benin signed the African Continental Free Trade Area (AfCFTA) agreement.


Map of AfCFTA agreement. Dark green countries have ratified the agreement, while those in light green have signed the agreement but their governments have not yet ratified.
Nigeria previously announced it planned to join the AfCFTA in the week leading up to the summit. AU trade and industry commissioner Albert Muchanga announced Benin was to join. The commissioner said, "We haven't yet agreed on rules of origin and tariff con[c]essions, but the framework we have is enough to start trading on July 1, 2020".

Niger's president Mahamadou Issoufou said, "Nigeria is Africa's biggest economy and most populous country. Without Nigeria the free trade zone would've been handicapped."

The agreement seeks to remove tariffs on 90 percent of commodities and better intregrate African economies.

At the opening of the AU summit, AU chairperson President Abdel Fattah el-Sisi of Egypt said, "The success of the AfCFTA will be the real test to achieve the economic growth that will turn our people's dream of welfare and quality of life into a reality".

With Sunday's signings, all but one of the member states of the 55-member AU have signed on to the agreement, with Eritrea the only state unsigned. African leaders have negotiated the deal over the last four years. While 54 nations have signed onto the AfCFTA, only 27 have ratified the agreement.

While many transactions in Africa occur using U.S. dollars or euros, the AU announced an electronic pan-African payment system.
African Export–Import Bank president Okey Oramah said the use of third-party currencies "costs Africa between $5 and $7 billion," further saying, "Beyond that, it also reduces trade because Africa has a scarcity of foreign exchange."

There are reportedly 1.3 billion people in the free trade area, with the combined economies of the countries worth US$3.4 trillion. One of the stated goals of AfCFTA is to encourage more intra-Africa trade. Currently about 16–17 percent of African trade occurs between African countries. This is in contrast to the European Union members where intra-European trade accounts for over 60 percent of trade.

The International Monetary Fund said in May the AfCFTA might be for African countries comparable to the European and North American trade blocs as an "economic game changer".

Seven members states had bid to host the AfCFTA secretariat, the operational organ of the free trade agreement, with Ghana winning the bid.






Have an opinion on this story? Share it!



Sources[edit]
Katarina Hoij (Bloomberg News). "Landmark AU trade pact keeps growing as Benin, Nigeria join" — Fin24, July 8, 2019
Boureima Balima (Reuters). "Economic "game changer"? African leaders launch free-trade zone" — Nasdaq, July 8, 2019
Anne Nzouankeu. "African Union Launches Continent-Wide Free Trade Area" — Voice of America, July 8, 2019
Andrew Meldrum (AP). "African leaders to launch continent-wide free trade zone" — Washington Post, July 7, 2019
"African leaders launch landmark 55-nation trade zone" — Deutsche Welle, July 7, 2019
"Operational phase of the African Continental Free Trade Area is launched at Niger Summit of the African Union" — African Union, July 7, 2019





Share this: 

Source: Wikinews
Share this article:
share article on facebook share article on twitter share article on google+ share article on tumblr share article on blogger share article on reddit

Articles that may interest you:


Berlin court: neutrality law above German rel...

Saturday, May 12, 2018  Crime and law Related articles 12 May 2018: Berlin court: neutra...

Digital security researchers publicly reveal ...

Thursday, October 19, 2017  Computing Related articles 19 October 2017: Digital secu...

German Bundestag votes for same-sex marriage

Monday, July 3, 2017  Crime and law Related articles 3 July 2017: German Bundestag vote...
Send us your articles and web-novels!
comments powered by Disqus
Most popular


Recently Viewed:


Benin, Nigeria join African Union continental free t...

Wednesday, July 10, 2019  African Union Related articles 10 July 2019: Benin, Nigeria j...


World leaders call to address Amazon rainforest fire...

Environment Related articles 24 August 2019: World leaders call to address Amazon rainfore...


Hong Kong leader announces withdrawal of extradition...

Friday, September 6, 2019  Hong Kong Other stories from Hong Kong 6 September 2019: Hong ...


More suspected plane debris washes ashore on Maldive...

Debris believed to be part of an aircraft has washed ashore on an uninhabited island in the ...


Emirates plane crash-lands in Dubai

According to passenger accounts, the pilot announced an emergency landing minutes before the...

Automotive
Reviews | Technology | Projects & Tuning | Events | Racing
Business & Technology
Business & Economy | Mobile | Internet & Media | Security & Privacy | Gadgets & Tech | Software
Lifestyle
Health, Food & Fitness | Fashion | Gardening | DIY | Homes
Society
Accidents | Crime | Culture | Finance | Politics
Science & Environment
Wildlife | Green | Space
Gaming
Reviews
Society
Accidents | Crime | Culture | Finance | Politics
Travel
MM-iNEWS
Copyright & Privacy | Site Roadmap | Sitemap | Contact
Web Development @ OverHertz Ltd
Ω