Coronavirus cases in Egypt surpass 1,000 milestone    Japan ready to give coronavirus-hit nations anti-flu drug Avigan for free    Norway may slash oil output if top producers also cut: Minister    More than 600 dead in New York state in a day from coronavirus    5G coronavirus conspiracy theory is dangerous fake nonsense, UK says    Egypt's Sisi puts off inauguration of New Administrative Capital, Grand Egyptian Museum to 2021 due to coronavirus concerns    Ahly's coach Weiler refuses to leave Egypt despite coronavirus    Ex-Man Utd striker Berbatov says Liverpool fully deserve title    Arab League chief renews call to stop fighting in Libya    Egypt: gold prices today – April 4    Sawiris Foundation donates 100 million pounds to Egypt's coronavirus battle    Egypt-Sudan joint electricity grid starts operations – ministry    Britain unlikely to lift coronavirus lockdown until end of May: Government expert    Gulf Air says transit open again via Bahrain for international travellers    Egypt shuts main cancer centre after 15 medics test positive for coronavirus    Egypt's Sisi discusses Africa's anti-coronavirus efforts in virtual summit    Age limit could be raised for Olympic football tournament    Trump fires intelligence official involved in his impeachment probe    Amazon to postpone Prime Day sales event due to coronavirus    Egypt's Zamalek to extend Carteron's contract after end of coronavirus    Comedy puppet Abla Fahita returns to screens during Egypt's curfew    J.K. Rowling starts Harry Potter At Home for housebound families    Broadcaster predicts Spain's La Liga restart in July with no fans    Apple to stop taking cut of some Amazon video purchases on App Store    Filling GERD will begin this rainy season: Ethiopian PM    Messi praises Egyptian footballer Mohamed Salah's style    Egypt's Supreme Council of Culture launches three new competitions    Freed from detention    Stay at Home: Culture in Your Hands    Captain Khan    Huawei to explore the ultimate potential on its Huawei P40 series    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Stay At Home: Ministry of Culture to publish free books online for public browsing    What to watch to kill time in quarantine?    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

AfCFTA, COMESA ways for thriving Africa
Agreements to increase trade opportunities among African countries with 52% by 2022: Nassar
Published in Daily News Egypt on 18 - 12 - 2018

The African Continental Free Trade Area (AfCFTA) signed by the African governments earlier this year in Kigali in Rwanda will be the largest free trade area created, since the formation of the World Trade Organisation. It will bring together 55 African countries, with a combined population of more than 1.2 billion people, and a total gross domestic product (GDP) exceeding $2.5tn.
The AfCFTA is a way of deepening the process of economic integration and accelerating the structural transformation of the African economies, as envisaged under the 1980 Lagos Plan of Action, and the Abuja treaty of 1991. It will also provide a comprehensive and a mutually beneficial trade agreement among the African Union's (AU) member states, covering trade, investment, intellectual property rights, and competition policies.
Negotiations towards the AfCFTA were divided into two phases, the first phase covered the trade in goods and services and dispute settlement, while the second phase addressed intellectual property, as well as investment and competition policies.
The agreement signed in Kigali includes a framework agreement, and protocols related to the trade in goods and services. For the trade in goods, the AfCFTA requires members to eliminate tariffs on 90% of their tariff lines, with the remaining 10% retained as either "sensitive" products with longer liberalisation periods, or as "excluded" products at the same tariff level.
Concerning the services, the protocol on the trade in services provides that parties "shall undertake successive rounds of negotiations based on the principle of progressive liberalisation, accompanied by the development of regulatory cooperation, and sectoral disciplines."
The AfCFTA members have opted to use a positive list approach for the services negotiations, with the sectors explicitly identified subject to liberalisation.
In terms of the protocol, the AfCFTA members are expected to identify nine priority sectors that will be subject to liberalisation. Following the signing, the AfCFTA members, individually or as part of a customs union, are expected to develop and submit schedules of concessions for the trade in goods, detailing the 90% of products that are to be liberalised, the sensitive products to be liberalised over a longer time period, and the excluded products that are to be temporarily exempted from the liberalisation.
It is worth mentioning that the African Export–Import Bank (Afreximbank) announced on Saturday that it signed trade deals worth a total of $27bn during the 2018 Intra-African Trade Fair (IATF).
The 2018 IATF is the first of its kind seven-day trade show which took place from 11 to 17 December 2018. The fair is promoted by Afreximbank, and organised in collaboration with the AU.
The Minister of Trade and Industry Amr Nassar said that Egypt is doing its best to enhance the commercial relations and to boost the economic integration among the African countries through paying maximised attention to the multilateral agreements such as the Common Market for Eastern and Southern Africa (COMESA), and the AfCFTA.
"These two agreements are projected to increase trade opportunities among the African countries with 52% by 2022," according to Nassar.

Clic here to read the story from its source.