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Nigeria Joins Africa Free Trade Agreement

Nigerian President Muhammadu Buhari signed the pioneering agreement at the African Union (AU) summit in Niger. In March 2018, three separate agreements were signed at the 10th African Union extraordinary meeting on AfCFTA: the African Continental Free Trade Agreement, the Kigali Declaration; and the protocol on the free movement of people. The Protocol on the Free Movement of Persons aims to create a visa-free zone within AfCFTA countries and to support the creation of the African Union passport. [27] At the Kigali Summit on 21 March 2018, 44 countries signed the AfCFTA, 47 signed the Kigali Declaration and 30 signed the protocol on the free movement of persons. Although a success, there were two remarkable holdouts: Nigeria and South Africa, the two largest economies in Africa. [28] [39] [30] The Economic Commission for Africa (ECA) estimates that “AfCTA has the potential to boost intra-African trade by 52.3% by removing import duties and doubling that trade, even if non-tariff barriers are removed,” its AU website states. Our position is very simple, we support free trade as long as it is fair and on a fair basis. They are available in all forms and with different rules, but in short, they make trade between countries as liberal as possible and allow for more rules-based competition. “The ratification of AfCFTA in Nigeria is a positive development, but the country`s commitment to intra-African trade should also be reflected in the reopening of its land borders,” said Landry Signé, senior fellow at the Brookings Institution. “The reopening of the borders will send a strong signal to Nigeria`s intentions… “to boost intra-African trade.” Currently, some of this intra-African trade ranges from fresh Seychelles fish to Angolan gasoline. “We hope that the agreement will enter into force by 1 January 2021,” Information and Culture Minister Lai Mohammed told reporters in Abuja on Wednesday.

The African superpower, Nigeria, has signed an agreement to strengthen trade between African countries. All Member States have been required to ratify the agreement until 5 December. 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. The Committee is responsible for the development of programmes and action plans for the implementation of the AfCFTA agreement. [39] You will also be rid of quotas, so there is no limit to the amount of trade you can make. The SAfCFTA secretariat is responsible for coordinating the implementation of the agreement and is an autonomous body within the AU system. Although it has an independent legal personality, it will work closely with the AU Commission and receive its AU budget. The Council of Ministers responsible for trade will decide on the headquarters, structure, role and responsibilities.

[35] The African Union Assembly of Heads of State and Government is the highest decision-making body.

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