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Trade finance key for unlocking intra-African trade in West Africa

Wednesday, 07 December 2022 06:09

A joint report published by the International Finance Corporation (IFC) and the World Trade Organization (WTO) titled “Trade Finance in West Africa” examines the main obstacles to economic growth in four economies in West Africa, namely: Côte d'Ivoire, Ghana, Nigeria and Senegal. Despite all these countries have registered an increase in trade flows over the last decade, with more firms participating in cross-border commerce and exports, this growth is constrained by the high cost and limited supply by banks of financial solutions to support international trade. Between 2010 and 2020, the number of exporters rose by around 75 percent in Côte d’Ivoire and Senegal, while the number of importers doubled. However, raw materials still make up more than 70 percent of total exports in these countries, with a low participation in regional and global value chains.

WTO completes first Trade Policy Review of Seychelles

Tuesday, 06 December 2022 05:24

The WTO Secretariat completed the Trade Policy Review of Seychelles. This is the first review since Seychelles accessed to the WTO, on 26 April 2015. All WTO members have their trade policy reviewed by the Organization, the frequency of which varies depending on a country’s share of world trade. The frequency of the review process can be 3, 5 and 7 years. For Seychelles the review is every 7 years.

Proposed Kenya-USA FTA in contravention of principles of the EAC Customs Union

Sunday, 04 December 2022 06:15

In July 2020, the government of Kenya started negotiations with the United States for the conclusion of a bilateral Free Trade Agreement (FTA). Such negotiations were initiated to ensure to Kenya a more stable access to the US market, due to the imminent expiration of the AGOA (in 2025), a unilateral (non-reciprocal) preferential trade arrangement of which Kenya is beneficiary that allows eligible least developed and developing countries from Sub-Saharan Africa to export duty free and quota free to the US market a series of products corresponding to about 2000 product lines of the Harmonised System.

A glossary and a private sector mapping study to support AfCFTA implementation

Thursday, 01 December 2022 06:11

The AfCFTA Secretariat and the International Trade Centre (ITC), during the Africa Industrialization Week held in Niamey (Niger) from 20-25 November 2022, launched a publication titled “Understanding the African Continental Free Trade Area: a glossary” to facilitate the understanding of the Agreement. The AfCFTA glossary, which is not yet available on-line, has been produced with input from the private sector and explains 100 AfCFTA-related technical terms to help especially small firms to better understand the legal provisions and technical rules of the Agreement. During the same event, ITC and the AfCFTA Secretariat also announced the conclusion of a mapping exercise of the African private sector to understand the challenges faced by small businesses on the Continent by identifying the characteristics, level of competitiveness and constraints of African firms, including the performance and degree of interconnectedness of regional Business Support Organizations (BSOs).

What is needed for the AfCFTA to be successful: a perspective from African CEOs

Tuesday, 29 November 2022 06:47

An article published by the Chairperson of the Pan-African Private Sector Trade & Investment Committee (PAFTRAC) gives a summary of the outcomes of the recently adopted PAFTRAC CEO Trade Survey 2022. The report reveals that in order to take full advantage of the African Continental Free Trade Area (AfCFTA), African companies need that three key conditions are in place:

News

Trade finance key for unlocking intra-African trade in West Africa

WTO completes first Trade Policy Review of Seychelles

Proposed Kenya-USA FTA in contravention of principles of the EAC Customs Union

A glossary and a private sector mapping study to support AfCFTA implementation

What is needed for the AfCFTA to be successful: a perspective from African CEOs

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