Nigeria signs African free trade area agreement
He will return to Abuja at the end of the summit. Niger is hosting the African Summit for the first time. Different African countries have made varying levels of commitment.
Buhari, after signing the agreement, according to a statement by the Special Adviser on Media and publicity, Femi Adesina, declared that Nigeria’s commitment to trade and African integration have never been in doubt nor was it ever under threat.
“Nigeria wishes to emphasize that free trade must also be fair trade”.
She however, said the trade deal may encounter a few hurdles before it finally gains momentum, challenges which will be ironed out with time.
This leaves Eritrea as the only African country not to be part of the trading bloc.
“As you know historically, infrastructure in the African continent has always been oriented towards linkages with other continents particularly Europe as a colonial power”.
“If we allow unbridled imports to continue, it will dominate our trade”.
He pointed out that this will make Zimbabwe a hub of regional trade.
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“We weren’t dragged into this, we are a leading advocate”, Osakwe told AFP.
Other top government officials include: Permanent Secretary Ministry of Foreign Affairs, Amb.
“The thrust of the summit will be the launch of the Operation Phase of the AfCFTA“, he said.
Ghana was on Saturday selected as the country to host the secretariat of the African Continental Free Trade Area (AfCFTA). The main objectives of the AfCFTA are to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union.
Diverging interests have been a topic of concern throughout the negotiation process for the new African Continental Free Trade Area, with differing economies raising various complaints, including Nigeria’s disapproval for a potential flooding of its economy with cheap commodities, while South African manufacturers eagerly support the move.
Zimbabwe signed the agreement establishing the AfCFTA on March 21 a year ago in Rwanda. 24 countries have ratified and deposited their instruments of ratification with the African Union.
In terms of numbers of participating countries, the AfCFTA will be the world’s largest free trade area since the formation, 24 years ago, of the World Trade Organisation, an intergovernmental organisation that deals with the global rules of trade between nations.
“Only the Southern African Development Community (SADC) (from 3.6 per cent of GDP in 1995 to 5.7 per cent in 2014) and the Common Market for Eastern and Southern Africa (COMESA) (from 0.8 per cent in 1995 to 1.9 per cent in 2014) have seen substantial increases in the share of intra-regional trade in GDP”, the report indicated.
