3/17/2023 0 Comments Ishare trading![]() ![]() Additionally, there have been significant failures within Regional Economic Communities in Africa. Indeed, several agreements have been signed and lauded in Africa but have never taken off. This camp forms its perspective from looking at the past track record of agreements with Africa. The more pessimistic side of Africans have little to no hope on its success. Opinions vary on the future success of the AcFTA and trading under AcFTA. Such talks are also likely to affect businesses decisions in these regions. Ultimately, the single currency will help to boost trade among the countries. Having a single currency is meant to reduce common difficulties of using different currencies like exchange rates fluctuations. Some important aspects for businesses to look for are, talks on having single currencies in some regions.įor instance, West African states are pursing talks on having a single currency (the Eco currency). Reevaluation of business focusīusiness people will be paying attention to the increased talk of trade among countries. As noted, infrastructure in the form of roads, railways and technology are a big component to realizing the most from the AcFTA. These third parties are to be integral in developing infrastructure in Africa. Overall, a lot remains outstanding to realize much of the fruits of the AcFTA.Ī good question to also ask at this point is on the relationships between Africa, China and other third party states. Establishing efficient institutions and means for settling trade disputes.įor the moment one can expect to hear more on actions being taken by the Africa Union and state parties to address the above concerns.Harmonization of laws and regulations around trade, and. ![]() Improved trade facilitation among countries,.Poor infrastructure network like road and rails within countries,.Needless to say, African countries need to take a number of implementation steps to give effect to the protocol on trade in goods. The significant roll out of the passport is definitely a big thing to look forward to. With the passport there will be ease in movement of people around Africa. It is hoped that the passport will be rolled out significantly in 2021. The issuing of the passport has not been successful. The AU in line with Africa Agenda 2063 launched the Africa passport in 2016. Thus, a lot of ground needs to be covered to make the Agreement a reality. That said, it has been noted with concern that some African countries apply more lenient rules for obtaining Visas to the West and East as compared to fellow African states. Some obvious benefits of movement of people around the continent are, transfer of technology and increased supply of skilled labour. For successful implementation of the protocol, free movement of people is key. The Africa Continental Free Trade Agreement encompasses a protocol on trade in services. These include: Increase of ease in movement of people across Africa That said, there are a number of expectations African people should have with the commencement of trade under the AcFTA. Even more worrying was the fact that a good number of people are out of touch with the subject in its entirety. In our recent poll on our social media pages asking when the AcFTA started operating, there were varying responses. While this is a big deal for Africa trade and Africa integration, a lot of African people are not aware of its implications. Trading under the Africa Continental Free Trade Area (AcFTA) started on the 1 st of January 2021.
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