Africa set to agree $3 trillion trade bloc, without key economy

22 March, 2018, 01:54 | Author: Edward Snyder
  • African leaders are planning to set up what they say will be the world’s largest free trade area

The agreement is seen as the largest free trade area in terms of participating countries since the formation of the World Trade Organization.

President Muhammadu Buhari says he will not attend the Extraordinary African Union summit on free trade in Rwanda this week.

The leaders are expected to sign an agreement establishing the African Continental Free Trade Area.

The Summit is expected to consider and conclude issues related to the AfCFTA and adopt the Agreement on the Establishment of the AfCFTA.

The signing comes at the end of the 10th Extraordinary Session of the African Union, which began on 17 March in Rwanda's capital, Kigali.

Contaminated meat products may have been exported to two West African countries and a dozen southern African ones, the United Nations health agency said. It will also liberalise trade in services and might in the future include free movement of people and a single currency.

The integration will raise Africa's potential through increasing intra-African trade, said Teddy Kaberuka, an economic analyst.

"If done well, automation can present important opportunities for African countries by improving labour productivity in manufacturing", she said.

However, the agreement will still have to be ratified at a national level, and is only due to come into force in 180 days.




The minister told journalists on the outcome of the cabinet meeting that the nation's Chief Negotiator and Director-General of the Nigerian Office for Trade Negotiations was the chairperson of the AU negotiating technical team.

'This outbreak is a wake up call for countries in the region to strengthen their national food safety and disease surveillance systems, ' said Dr Matshidiso Moeti, WHO Regional Director for Africa.

"As we launch the African Continental Free Trade Area, our belief is that Africa is stronger when Africans work together; rather than in a divided and isolated way".

"When the goods get into the African country, they can repackage them, change the label from Made in Europe to that of the African country".

It will progressively eliminate tariffs on intra-African trade, making it easier for African businesses to trade within the continent and cater to and benefit from the growing African market, said the AU.

If all 55 African Union members eventually sign up, it will create a bloc with a cumulative GDP of $2.5 trillion (2 trillion euros) and cover a market of 1.2 billion people.

But some of the continent's strongest and fastest-growing economies, including Ghana and Ethiopia, signed the deal.

"We must do so rapidly", she said.

Recommended:

  • Stranger Things Child Stars Are Making 12x More Now

    Stranger Things Child Stars Are Making 12x More Now

    Meanwhile, actors Natalia Dyer , Charlie Heaton and Joe Keery , who play older teenagers, will make $150,000 an episode. And now the company is shelling out big bucks to the show's stars for a third season that starts filming next month.
    A Self-Driving Uber Hit and Killed a Woman in Arizona

    A Self-Driving Uber Hit and Killed a Woman in Arizona

    Authorities have not yet released the victim's identity and her next of kin has not yet been notified, the Temple PD said. Uber was only using autonomous vehicles as part of its regular passenger service in Pittsburgh and Tempe .
    Southeast Asian leaders seek agreement on South China Sea code

    Southeast Asian leaders seek agreement on South China Sea code

    He is the only Asean leader who will be addressing the conference, which runs alongside the Australia-Asean Special Summit. Security Council sanctions and has boasted of its plans to develop a missile capable of hitting the US mainland.
  • Trump congratulates Putin on re-election, gets slammed

    Trump congratulates Putin on re-election, gets slammed

    White House press secretary Sarah Huckabee Sanders confirmed Trump spoke with Putin yesterday morning. The UK government blamed the nerve agent attack on Russian Federation , which denies any involvement.
    Fourth explosion in Austin: two men seriously hurt by tripwire blast

    Fourth explosion in Austin: two men seriously hurt by tripwire blast

    The attack differed from three earlier blasts in Austin this month, which were caused by package bombs left on people's doorsteps. Manley said that a 22-year-old man and a 23-year-old man were walking near a fence when they inadvertently set off the bomb.
    Black Panther reigns over the box office for fifth weekend with $27m

    Black Panther reigns over the box office for fifth weekend with $27m

    The film based on the popular novel was right around expectations and I'm predicting a $30-$40 million domestic gross. Historic numbers all around and Black Panther isn't quite done.
  • Maduro comes out against Trump sanctioning 'Petro' currency

    Maduro comes out against Trump sanctioning 'Petro' currency

    The government has promised that Venezuelans will be able to use the $60 coins to pay taxes and for public services. USA calls the digital currency an attempt by the Venezuelan government to "circumvent United States sanctions ".
    Ola-Uber Drivers on Strike: Grievances Against Companies' Management

    Ola-Uber Drivers on Strike: Grievances Against Companies' Management

    Currently, India accounts for over 10 per cent of Uber's global trips. "The companies have even reduced the rate per km to Rs 6". The drivers have been demanding that the cab aggregators take notice of their falling returns.
    Cynthia Nixon confirms she's running for New York Governor

    Cynthia Nixon confirms she's running for New York Governor

    She will challenge Democratic incumbent Andrew Cuomo, who is reportedly hoping to run for president in 2020. Her message also echoes the outsider, progressive message other candidates have invoked this year.
  • 'Black Panther' Is The Most-Mentioned Movie On Twitter

    'Black Panther' Is The Most-Mentioned Movie On Twitter

    Black Panther fans will be getting another dose of Wakanda in Marvels next comic blockbuster Avengers: Infinity War . Twitter released a statement with statistics revealing that Black Panther has generated over 35-million tweets.
    Juan Martin del Potro over the moon after beating Federer

    Juan Martin del Potro over the moon after beating Federer

    Meanwhile, Federer remained in the number one spot in the singles rankings with 9,660 points. Annabel Croft reflects on stunning Indian Wells win for big serving Argentine.
    Nor'easter #4 to Bring a Plowable Snow

    Nor'easter #4 to Bring a Plowable Snow

    Winds will peak on Wednesday , with gusts to 40+ miles per hour across interior NJ and 50+ miles per hour along the coast. Snow tends to accumulate faster in rural areas and higher elevations than in urban areas and lower elevations.


Popular

Will Daniel Bryan's Return Impact WrestleMania 34?
Since then Bryan has tried to get himself cleared, visiting numerous doctors whilst performing a non wrestling role for WWE . Bryan has been out of action for more than two years, dealing with the lingering effects of multiple concussions.

Former NFLers involved in league to rival XFL
One difference between Allliance games and the National Football League is that kickoffs will be eliminated, NBC Sports said. Live fantasy play will be integrated into app broadcasts to tap into the 20 million people who now play fantasy football.

The Hess Midstream Partners (HESM) Given Daily Media Sentiment Rating of 0.10
Ancora Ltd Limited Liability Company invested 0.18% of its portfolio in Magellan Midstream Partners , L.P. (NYSE:MMP). Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company.

Xi says ready for 'bloody battle' to protect China
It gave a near-unanimous approval to the sweeping changes, with 2,958 votes in favour, and only two votes against, according to South China Morning Post.

Judge Blocks New Pro-Life Mississippi Law Banning Abortions After 15 Weeks
The state and the clinic must now provide "expedited briefings" to the court while it considers issuing a preliminary injunction. When it comes to determining the practicality of abortion, the deadline always has to do with fetal viability .

Egyptian giants hand Mohamed Salah honorary club membership
File image of Mohamed Salah . "You know when you are walking out there are so many goals out there for you". Roberto Firmino has 23 goals in all competitions, with 14 of those coming in the Premier League .

Katy Perry Gave Taylor Swift A Pretty Backhanded Compliment On 'American Idol'
The American Idol hopeful is the daughter of songwriter Jack Hammer, who's credited as a co-writer for "Great Balls of Fire". Many Katy Perry fans think her Witness single " Swish Swish " is a response to Taylor Swift's song " Bad Blood ".

Cambridge Analytica: Warrant sought to inspect company
Alphabet, Google's parent company, lost nearly 3 percent and Microsoft fell nearly 2 percent. Wylie says he doesn't know to what extent Trump's campaign used the techniques.

Joe's student goes missing in Bermuda
The tournament reportedly was offering a $1,000 reward for information on Dombroski's location, according to NBC Philadelphia . A Philadelphia college freshman went missing in Bermuda last weekend while traveling with his school rugby team.

Retailers Urge Trump to Rethink Tariffs on Chinese Goods
United States officials should "work with like-minded partners to address common concerns with China's trade and investment policies", the letter reads.