Free Trade Agreement In Africa

Economic Integration Forecasting Models General Balance Models Open Trade Agreements Barriers to Trade Trade Models Business Trade Wellness Trade The SAfCFTA secretariat will be responsible for coordinating the implementation of the agreement and will be 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] Basically, AfCFTA will put African economies – and African citizens – on a better economic footing. The agreement will improve competitiveness and promote investment, innovation and economic growth by improving efficiency and removing trade barriers. In fact, it will eliminate tariffs on 90% of goods and gradually apply the same to services, at a time when other parts of the world are reconsidering trade agreements and economic integration. In particular, the abolition of tariffs on goods is expected to increase the value of intra-African trade by 15-25% by 2040. That would be between $50 billion and $70 billion.

To ensure effective implementation, the AU will establish an AfCFTA secretariat, consisting of an African Economic Council, a trade observatory and a dispute resolution body. The Continental Free Trade Area (AfCFTA) agreement will create the largest free trade area in the world in terms of the number of participating countries. The pact connects 1.3 billion people in 55 countries for a total gross domestic product (GDP) of $3.4 trillion. It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on the introduction of meaningful political reforms and trade facilitation. “In addition to the increase in GDP and trade figures, [Africa`s continental free trade area] is making a very practical contribution to creating jobs for young and growing Africans,” vera Songwe, ECA executive secretary, said in an interview with Africa Renewal. The AU Commission (AUC), in particular the AUC`s Ministry of Trade and Industry (DTI), is responsible for coordinating activities related to BIAT and AfCFTA. The project advises the AUC Trade Commissioner on strategic policy and interest representation issues by dismissing a regional trade advisor in the ITD structures. It also supports afCFTA`s negotiating unit by sending an expert in cooperation and trade facilitation to prepare for the negotiations. Phase I negotiation issues for trade in goods and services are supported by a number of mechanisms such as technical tailored advisory skills.

B the organisation of training, seminars and workshops or selective financial support.