Continental Free Trade Agreement South Africa

Sign up for free email notifications when new serial and/or country articles are published on the IMF website. Covid-19 is both a supply shock and a demand shock. Given the magnitude of the two shocks, the COVID-19 crisis can lead to a significant restructuring of global value chains (GMCs), which could lead to greater dependence on regional value chains (RVCs). Given the potential that the African Continental Free Trade Area (AFCFTA) could serve as a real economic engine at the continental level, policymakers must maintain momentum towards its implementation. At the summit, Benin and Nigeria signed the agreement, so Eritrea is the only African state not to be part of the agreement; Since then, Eritrea has applied to join the agreement. Gabon and Equatorial Guinea also tabled their ratifications at the summit. At the time of launch, there were 27 states that had ratified the agreement. [45] [47] [48] [49] Nigeria was one of the last nations to sign the agreement. With a population of 200 million, Nigeria is the most populous country in Africa and has about 98 million inhabitants in the most populous countries, Ethiopia and Egypt. With a nominal GDP of $376 billion, or about 17% of Africa`s GDP, it is just ahead of South Africa, which accounts for 16% of the African economy. Given that Nigeria is such an important country in terms of population and economy, its absence at the first signing of the agreement was particularly striking. South African President Cyril Ramaphosa highlighted this in his comments of 12 July 2018, commenting: “The continent awaits Nigeria and South Africa. Through trade between us, we are able to maintain more resources on the continent.┬áSouth Africa signed the agreement later.

[52] Maryla Maliszewska – Lead Author, is Senior Economist in Trade and Regional Integration Unit (ETIRI) at the World Bank. His area of expertise covers various aspects of trade policy and regional integration, with particular emphasis on the impact of trade on poverty and income distribution. free download. Use Adobe Acrobat Reader for free to view this PDF Roberto Echandi is a lead Private Sector Specialist in ETIRI. It focuses on research and policy advice on issues related to cross-border trade in services, negotiations, implementation and maximizing the potential benefits of deep integration trade agreements and the AfCFTA negotiation and implementation process. Eritrea was not part of the original agreement because of the continuing state of war, but the 2018 peace agreement between Ethiopia and Eritrea ended the conflict and ended the barrier to Erreer`s participation in the free trade agreement. [10] [30] [45] [46] [47] The unrecognized state of Somaliland was not involved in discussions on the creation of the agreement. 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. Several committees have been established for trade in goods, trade in services, rules of origin, trade policy measures, non-tariff barriers, technical barriers to trade, and health and plant health measures. [39] Dispute resolution rules and procedures are still being negotiated, but should also include the appointment of a dispute resolution authority.

[35] The Committee of Senior Trade Officials implements the Council`s decisions.









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