African heads of state and government officials met in Kigali last month to sign a deal creating one of the world largest free trade blocs since the establishment of World Trade Organization.
The Africa Continental Free Trade area Impact Assessment (AfCFTA) will come into effect 30 days after ratification by the parliaments of at least 22 countries. Each country has 120 days after signing the framework to ratify.
This will be one of the world’s largest free-trade areas in terms of the number of countries, covering more than 1.2 billion people and over $4 trillion in combined consumer and business spending if all 55 countries join.
The UN Economic Commission for Africa (UNECA) has estimated the agreement’s implementation could increase intra-African trade by 52 percent by 2022, compared with trade levels in 2010.
One of its central goals is to boost African economies by harmonizing trade liberalization across sub regions and at the continental level. As a part of the AfCFTA, countries have committed to remove tariffs on 90 per cent of goods.
Foreign Affairs and International Trade Cabinet Secretary Ambassador Monica Juma says the African Continental Free Trade Area (ACFTA) will allow SMEs in the country to expand beyond the country boundaries.
Ambassador Juma, says that when the ACFTA is ratified in September 2018, SMEs and the informal sector will be allowed to move their goods and services across the continent.
“Across the continent, the informal sector is estimated to bring about an income of between 40-60 billion dollars a year, so the idea is to create a value chain that starts at the lowest level that creates that prosperity for Kenyans and any other African that is producing,” she says
The CS is banking on Kenyan SMEs innovativeness and level of entrepreneurship to compete favorably at the continental stage when the trade barriers come down.
Denne historien er fra April 2018-utgaven av Think Business.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2018-utgaven av Think Business.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Understanding Alternative Investments
Understanding Alternative Investments
Need For Resilience In Changing Market Dynamics
Need For Resilience In Changing Market Dynamics
CMA Grants Licence To Online Foreign Exchange Broker
The Board of the Capital Markets Authority (CMA) has approved the grant of a license to Execution Point Limited to operate as a non – dealing online foreign exchange broker in line with the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.
THE UK Asset Based Direct Lending Sector Attracts Overseas Investors
Since 1989, banks and building societies in Britain have been shutting branches at a rate of approximately 300 per year, a trend which has dramatically accelerated in recent years as traditional lenders respond to pressure on cutting costs, according to a recent Reuters article.
How Did Your Bank Perform In 2017?
Kenya’s 2017 macroeconomic environment was unfavorable majorly because of the tense electioneering period. Analysis from Trading Economics shows that the Kenyan economy advanced 4.4 percent year-on-year in the third quarter of 2017, slowing from a 5.6 percent expansion in the same quarter of 2016.
Ecobank Upgraded Mobile App Reaches 4 Million Users In 6 Months
Ecobank Upgraded Mobile App Reaches 4 Million Users In 6 Months
Africa Continental Free Trade Area : Impact Assessment
African heads of state and government officials met in Kigali last month to sign a deal creating one of the world largest free trade blocs since the establishment of World Trade Organization.
Equity Bank Introduces New Tariffs For The Equity Paypal Withdrawal Service
Equity Bank Introduces New Tariffs For The Equity Paypal Withdrawal Service
The Impact Of Infinite Years Of CEO's Service
The Impact Of Infinite Years Of CEO's Service
Disclosing Negative Credit Information And Its Pitfalls
Financial institutions and certain bodies identified in regulation 23 of the Credit Reference Bureau Regulations 2013 are required to share both positive and negativeinformati on about customers. Positive information is any information on performing loan or other credit. Negative information on the other hand is any adverse customer information which includes non-performing loans.