Monday, 22 October, 2018

Kagame Hails AfCFTA Agreement Launch

African Kagame Hails AfCFTA Agreement Launch
Lisa Bryan | 22 March, 2018, 01:53

Nigeria was obviously absent on Wednesday when African leaders signed the Largest Free Trade Agreement since the creation of the World Trade Organisation (WTO).

Speaking on the sidelines of the ongoing African Union summit, Obasanjo said the signing and implementation of the African Continental Free Trade Area (AfCFTA) will enable a shift from dependence on assistance to increased trade.

Nigeria needs to carry out more consultations before the country can decide to either sign or jettison the African Continental Free Trade Area (AfCFTA).

The chairperson said some technical issues remain to be overcome, relating in particular to the nature of the Secretariat of the Free Trade Area, the number of ratification required for the entry into force of the AfCFTA agreement and the admissibility of reservations.

"On the contrary, as we trade more among ourselves, African firms will become bigger, more specialised, and more competitive internationally".

The agreement would establish the world's largest free trade area through an agreement that covers the trade of goods and services, investments and intellectual property rights.

The Continental Free Trade Area has the potential to boost intra-African trade by 53 percent by eliminating import duties and non-tariff barriers.

African officials and experts also said there could still be challenges facing the operation of the AfCFTA.


Currently, Africa has regional economic communities such as the Economic Community of West African States, the Southern African Development Community and the Common Market for Eastern and Southern Africa.

Summit host President Paul Kagame is the current chair of the AU.

"This outbreak is a wakeup call for countries in the region to strengthen their national food safety and disease surveillance systems", said Dr Matshidiso Moeti, WHO Regional Director for Africa.

The treaty commits countries to removing tariffs on 90 per cent of goods, with 10 per cent of "sensitive items" to be phased in later.

He said numerous countries in the African continent rely on the Nigerian market for their goods, adding that any attempt to further open up the Nigerian market would jeopardize the industrialisation efforts of the Federal Government.

"You're talking about 1.2 billion [people] with a combined GDP of $2.2 trillion, so it's a huge market", he added, referring to the AU member states. "That is an area that is of great concern to us", Jacob said.

Buhari's decision to postpone signing was a setback for the deal as Nigeria is one of the continent's economic powerhouses.

Recommended

Co-Founder of Facebook-Owned WhatsApp Calls for Facebook Boycott Co-Founder of Facebook-Owned WhatsApp Calls for Facebook Boycott That creator then passed on the data to Cambridge Analytica, which is against Facebook's policy. This is not the first time Acton has raised his voice against Facebook .

Juan Del Potro downs Federer to claim Indian Wells crown Juan Del Potro downs Federer to claim Indian Wells crown His head-to-head's against both players are: 7-18 (as of today) against Federer, and 5-9 against Nadal . Of course, when you have nothing to lose, your game improve a little bit".

National Football League bully victim faces 5 charges following Instagram gun threat National Football League  bully victim faces 5 charges following Instagram gun threat A law enforcement source told KABC-TV in Los Angeles earlier this month that Martin was in a mental health facility. When he was arrested on February 23, police found a loaded 12-gauge shotgun, knife and ax in his vehicle .

United States arrests Iranian over alleged $115 million sanctions evasion scheme United States  arrests Iranian over alleged $115 million sanctions evasion scheme Netanyahu also spoke over the phone with German Foreign Minister Heiku Maas and congratulated him on his new position. He said those issues must be expressed in worldwide decisions and lead to more pressure on Iran.

Government's Brexit Transition Branded An "Abject Betrayal" Of UK Fishermen Government's Brexit Transition Branded An If they do, the sides can begin discussing a future trade agreement, although it cannot take effect until Britain is gone. The UK will be able to negotiate and sign its own trade deals during the transition period.

Trump praises Saudi crown prince over economic ties Trump praises Saudi crown prince over economic ties The Saudi Crown Prince, who looked embarrassed throughout the process, had no other choice but to smile at the President "joke". Over the past nine months, Congress has approved United States dollars 54 billion in arms sales to Saudi Arabia.

Numbers reveal breadth of investigation into Texas bombings Numbers reveal breadth of investigation into Texas bombings The two injured men, who were aged 22 and 23, are white, unlike the victims in the earlier blasts, who were black or Hispanic. An FBI representative said at the briefing that 350 special agents were in Austin to help with the investigations.

Sex and the City star Cynthia Nixon runs for NY governor Sex and the City star Cynthia Nixon runs for NY  governor Perhaps, most importantly to people who live in New York City, Nixon has promised to fix the subway (which she rides every day). If elected, Nixon would become the state's first openly gay governor and the state's first female governor.

After election, Macron urges Putin to act on Syria, Russian democracy After election, Macron urges Putin to act on Syria, Russian democracy Saudi King Salman bin Abdulaziz Al Saud also congratulated Putin on his election victory, the Saudi Press Agency said on Monday. The monitor registered more than 2,500 complaints of violations, with some 460 in Moscow and about 230 in St Petersburg.

New male birth control pill a success New male birth control pill a success The researcher added that studies indicate that men prefer taking an oral contraception rather than an injection or implant. However, longer studies are needed to confirm that it does indeed block sperm production, the researchers said.

USA prohibits transactions with Venezuela's digital currency USA  prohibits transactions with Venezuela's digital currency On the contrary: The problem is Maduro and his government, and the solution is to have free and fair elections . The move further squeezes Venezuela's attempts to bypass U.S. economic sanctions.

Salah backed for Premier League record Salah backed for Premier League record Liverpool are on the cusp of something special, and will look to challenge for the Premier League title next season. He is special to watch and I think we on the pitch enjoy it as much as the fans do.

Uber suspends public self-driving tests after pedestrian struck and killed Uber suspends public self-driving tests after pedestrian struck and killed Outside Phoenix , Arizona , in a suburb called Tempe , a self-driving Uber SUV struck a woman around 10 PM on Sunday night. However, the modified cars have sensors created to detect pedestrians and cyclists and are supposed to react accordingly.

'Idol' Contestant Apologizes to Katy Perry for Loving Taylor Swift 'Idol' Contestant Apologizes to Katy Perry for Loving Taylor Swift Katy Perry didn't miss a beat, although her tongue got a little tied as she talked. "I love her as a songwriter as.as well". Many Katy Perry fans think her Witness single " Swish Swish " is a response to Taylor Swift's song " Bad Blood ".

Winter storm watch in effect for first full day of spring Winter storm watch in effect for first full day of spring While previous storms combined heavy, wet snow with strong wind gusts, such a severe combination is no expected this week. Be aware that low temperatures will mean continued potential for refreeze and slick road conditions.