The 44 Countries Of Africa Signed A Free Trade Zone Agreement
- Mar 29, 2018 -

African 44 countries sign agreement on free trade zone, partaking in the formation of a new economy in the UK

ePanda to the Middle East 2018-03-29 09:35:50 Comments 0 Bookmarks 0 Author ePanda to the Middle East

African 44 countries sign agreement on free trade zone, partaking in the formation of a new economy in the UK

This report tells you what the best shopping season is to sell

In 2012, heads of African governments negotiated to establish a free trade zone, and formally began negotiations in 2015. Finally, on March 21, 2018, they jointly signed the Agreement on the Establishment of the African Free Trade Area (ZLEC). The agreement will take effect within 180 days of the approval of all the signatory countries. This agreement was signed at the recent special summit of the African Union and was signed in Kigali, the capital of Rwanda. It is therefore also called the "Kigali Agreement."


African 44 countries sign agreement on free trade zone, partaking in the formation of a new economy in the UK

ePanda to the Middle East 2018-03-29 09:35:50 Comments 0 Bookmarks 0 Author ePanda to the Middle East

African 44 countries sign agreement on free trade zone, partaking in the formation of a new economy in the UK

This report tells you what the best shopping season is to sell

In 2012, heads of African governments negotiated to establish a free trade zone, and formally began negotiations in 2015. Finally, on March 21, 2018, they jointly signed the Agreement on the Establishment of an African Free Trade Area (ZLEC). The agreement will take effect within 180 days of the approval of all the signatory countries. This agreement was signed at the recent special summit of the African Union and was signed in Kigali, the capital of Rwanda. It is therefore also called the "Kigali Agreement." The signing of the Free Trade Area Agreement among the 44 African countries will be of positive significance to the British new economy: 1. Once the African Free Trade Zone is established, it will become the largest regional free trade zone in member countries, covering 1.2 billion people, and the total value of GDP. Reaching 2.5 trillion US dollars, the scale of the economy is close to that of the United Kingdom. 2. There is tremendous room for improvement in intraregional trade relations. Most countries in Africa were once colonies. In international trade, they had a closer relationship with their former ancestors. Exports were mainly exported to Britain, France, and other countries. Exports to Africa only accounted for 16% of total exports. After the establishment of the free trade zone, it is expected that by 2022, trade between member countries will increase by 60%. 3. The free trade zone helps African countries to diversify their economies and industrialize and free themselves from excessive dependence on raw materials. It will help Africa as a whole to better negotiate trade with external economies and reduce the dependence of some countries on aid funds.


The 44 countries of Africa signed a free trade zone agreement, which will soon be formed in the new economy of Britain.

ePanda to the Middle East 2018-03-29 09:35:50 Comments 0 Bookmarks 0 Author ePanda to the Middle East

The 44 countries of Africa signed a free trade zone agreement, which will soon be formed in the new economy of Britain.

This report tells you what the best shopping season is to sell

In 2012, heads of African governments negotiated to establish a free trade zone, and formally began negotiations in 2015. Finally, on March 21, 2018, they jointly signed the Agreement on the Establishment of an African Free Trade Area (ZLEC). The agreement will take effect within 180 days of the approval of all the signatory countries. This agreement was signed at the recent special summit of the African Union and was signed in Kigali, the capital of Rwanda. It is therefore also called the "Kigali Agreement." The signing of the Free Trade Area Agreement among the 44 African countries will be of positive significance to the British new economy: 1. Once the African Free Trade Zone is established, it will become the largest regional free trade zone in member countries, covering 1.2 billion people, and the total value of GDP. Reaching 2.5 trillion US dollars, the scale of the economy is close to that of the United Kingdom. 2. There is tremendous room for improvement in intraregional trade relations. Most countries in Africa were once colonies. In international trade, they had a closer relationship with their former ancestors. Exports were mainly exported to Britain, France, and other countries. Exports to Africa only accounted for 16% of total exports. After the establishment of the free trade zone, it is expected that by 2022, trade between member countries will increase by 60%. 3. The free trade zone helps African countries to diversify their economies and industrialize and free themselves from excessive dependence on raw materials. It will help Africa as a whole to better negotiate trade with external economies and reduce the dependence of some countries on aid funds. The 44 countries in Africa signed an agreement on a free trade area, which will meet the challenges that the new British economy will soon face: 1. The two major economies of Nigeria and South Africa have not signed an agreement. Nigeria is the largest population in Africa and the largest economy in Africa. Regarding non-participation agreements, Nigeria's official explanation is that “anything that may encourage the dumping of finished products in Nigeria would be against our interests.” Nigeria established a committee to study the agreement, consult stakeholders, and respond to the AU within two weeks. South Africa is the second largest economy in Africa. Nationals have a higher standard of living and the economy is relatively stable compared to other African countries. South Africa stated that it needs more time to consult with relevant stakeholders. However, the South African President signed the “Kigali Declaration” and indicated that he will actively work to join the African Free Trade Area. In addition, countries such as Zambia and Botswana did not sign the agreement.

2. Strong non-tariff barriers At present, many of the trade barriers in Africa are non-tariff barriers. For example, if the backward traffic leads to road transport from neighboring countries in Africa, it is not as cheap as imports from South America. In addition, border control is inefficient and corrupt. For example, the corrupt behavior of border guards; organized crime groups also engage in fraudulent activities. Many other countries will use non-tariff barriers to restrict the import of goods to protect their industries.


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