Windhoek
— Namibia has finally signed the trillion-dollar African Continental
Free Trade Agreement (AfCFTA), which requires members to remove tariffs
from 90 percent of goods to allow free access to commodities, goods and
services across the continent.
— Namibia has finally signed the trillion-dollar African Continental
Free Trade Agreement (AfCFTA), which requires members to remove tariffs
from 90 percent of goods to allow free access to commodities, goods and
services across the continent.
President Hage
Geingob signed the much-anticipated trade agreement on Sunday during the
Heads of State and Government of the African Union (AU) meeting at the
31st Ordinary Session of the Assembly held from July 1-2, in Nouakchott,
Mauritania.
Geingob signed the much-anticipated trade agreement on Sunday during the
Heads of State and Government of the African Union (AU) meeting at the
31st Ordinary Session of the Assembly held from July 1-2, in Nouakchott,
Mauritania.
Inking the deal
showcases Namibia’s shift from a protectionist stance, celebrated by
particularly local manufacturers but heavily criticised by protagonists
of trade liberalisation who believe the removal or reduction of tariff
obstacles would boost trade and jobs.It is not clear at this stage how
this agreement would affect Namibia’s infant industry protection
ambitions.
showcases Namibia’s shift from a protectionist stance, celebrated by
particularly local manufacturers but heavily criticised by protagonists
of trade liberalisation who believe the removal or reduction of tariff
obstacles would boost trade and jobs.It is not clear at this stage how
this agreement would affect Namibia’s infant industry protection
ambitions.
The core of the
argument is that nascent industries often do not have the economies of
scale that their competitors, often foreign, may have, and thus need to
be protected until they can attain similar economies of scale.
argument is that nascent industries often do not have the economies of
scale that their competitors, often foreign, may have, and thus need to
be protected until they can attain similar economies of scale.
Neighbours South Africa, from which Namibia procures 80 percent of its imports, also signed the agreement last weekend.
South Africa
initially declined to sign at the special summit in Kigali in March,
where 44 out of the 55 AU member states signed. South Africa needed to
run the agreement by law advisers first, and will now take the agreement
to be ratified in the SA parliament.
initially declined to sign at the special summit in Kigali in March,
where 44 out of the 55 AU member states signed. South Africa needed to
run the agreement by law advisers first, and will now take the agreement
to be ratified in the SA parliament.
Here are the key objectives of the African Continental Free Trade Area (AfCFTA) agreement.
– Create a single
continental market for goods and services, with free movement of
business persons and investments, which will pave the way for
accelerating and establishment of the Continental Customs Union and the
African Customs Union.
continental market for goods and services, with free movement of
business persons and investments, which will pave the way for
accelerating and establishment of the Continental Customs Union and the
African Customs Union.
– Enhance
competitiveness at the industry and enterprise level through exploiting
opportunities for scale production, continental market access and better
reallocation of resources.
competitiveness at the industry and enterprise level through exploiting
opportunities for scale production, continental market access and better
reallocation of resources.
– Expand intra
African trade through better harmonization and coordination of trade
liberalization, facilitation regimes and instruments across Regional
Economic Communities (RECs) and across Africa in general.By Albertina Nakale
African trade through better harmonization and coordination of trade
liberalization, facilitation regimes and instruments across Regional
Economic Communities (RECs) and across Africa in general.By Albertina Nakale
Windhoek
— Namibia has finally signed the trillion-dollar African Continental
Free Trade Agreement (AfCFTA), which requires members to remove tariffs
from 90 percent of goods to allow free access to commodities, goods and
services across the continent.
— Namibia has finally signed the trillion-dollar African Continental
Free Trade Agreement (AfCFTA), which requires members to remove tariffs
from 90 percent of goods to allow free access to commodities, goods and
services across the continent.
President Hage
Geingob signed the much-anticipated trade agreement on Sunday during the
Heads of State and Government of the African Union (AU) meeting at the
31st Ordinary Session of the Assembly held from July 1-2, in Nouakchott,
Mauritania.
Geingob signed the much-anticipated trade agreement on Sunday during the
Heads of State and Government of the African Union (AU) meeting at the
31st Ordinary Session of the Assembly held from July 1-2, in Nouakchott,
Mauritania.
Inking the deal
showcases Namibia’s shift from a protectionist stance, celebrated by
particularly local manufacturers but heavily criticised by protagonists
of trade liberalisation who believe the removal or reduction of tariff
obstacles would boost trade and jobs.It is not clear at this stage how
this agreement would affect Namibia’s infant industry protection
ambitions.
showcases Namibia’s shift from a protectionist stance, celebrated by
particularly local manufacturers but heavily criticised by protagonists
of trade liberalisation who believe the removal or reduction of tariff
obstacles would boost trade and jobs.It is not clear at this stage how
this agreement would affect Namibia’s infant industry protection
ambitions.
The core of the
argument is that nascent industries often do not have the economies of
scale that their competitors, often foreign, may have, and thus need to
be protected until they can attain similar economies of scale.
argument is that nascent industries often do not have the economies of
scale that their competitors, often foreign, may have, and thus need to
be protected until they can attain similar economies of scale.
Neighbours South Africa, from which Namibia procures 80 percent of its imports, also signed the agreement last weekend.
South Africa
initially declined to sign at the special summit in Kigali in March,
where 44 out of the 55 AU member states signed. South Africa needed to
run the agreement by law advisers first, and will now take the agreement
to be ratified in the SA parliament.
initially declined to sign at the special summit in Kigali in March,
where 44 out of the 55 AU member states signed. South Africa needed to
run the agreement by law advisers first, and will now take the agreement
to be ratified in the SA parliament.
Here are the key objectives of the African Continental Free Trade Area (AfCFTA) agreement.
– Create a single
continental market for goods and services, with free movement of
business persons and investments, which will pave the way for
accelerating and establishment of the Continental Customs Union and the
African Customs Union.
continental market for goods and services, with free movement of
business persons and investments, which will pave the way for
accelerating and establishment of the Continental Customs Union and the
African Customs Union.
– Enhance
competitiveness at the industry and enterprise level through exploiting
opportunities for scale production, continental market access and better
reallocation of resources.
competitiveness at the industry and enterprise level through exploiting
opportunities for scale production, continental market access and better
reallocation of resources.
– Expand intra
African trade through better harmonization and coordination of trade
liberalization, facilitation regimes and instruments across Regional
Economic Communities (RECs) and across Africa in general.
African trade through better harmonization and coordination of trade
liberalization, facilitation regimes and instruments across Regional
Economic Communities (RECs) and across Africa in general.
culled:By Albertina Nakale for new era
