ISDS Case Map
AfCFTA
African Continental Free Trade Area
Nigerian President Muhammadu Buhari has approved the establishment of a committee to implement the country’s participation in the African Free Trade Agreement.
Analysts and businesspeople in the six-member Central African Economic and Monetary Community say that although the African Continental Free Trade Area brings hope for pan African trade, they are not sure CEMAC will be fully implemented anytime soon.
Members of the Lower House approved the agreement establishing a Tripartite Free Trade Area among the Common Market for Eastern and Southern Africa, the East African Community, and the Southern African Development Community.
Some manufacturers in Nigeria say that wading into the continental market could undermine local players and have negative implications.
The preparation of the AfCFTA represents a waste of time and resources for the African States that will reduce the resources which should be concentrated on economic and political strengthening of the Regional Economic Communities.
African leaders launched a continental free-trade zone that, if successful, would unite 1.3 billion people and create a $3.4 trillion economic bloc.
Nigeria will sign an Africa free trade agreement at the coming African union summit, according to a statement posted on the Nigeria presidency’s Twitter feed.
Only one set of trade deals will need to be negotiated with the AfCFTA—as opposed to fifty-five intricately-crafted trade deals with each small African economy.
The European Union Commission fully supports the African Continental Free Trade Agreement (AfCFTA) and is proposing a 40 billion Euro package to attract investments that would create at least 10 million jobs in Africa.
“Africa needs not only a trade policy, but also a continental manufacturing agenda,” Buhari said. “Our vision for intra-African trade is for the free movement of made-in-Africa goods."
