Trade Agreement Nigeria

With its entry into force, AfCFTA intends to create an internal market for goods and services in Africa. By 2030, the continent`s market size is expected to be 1.7 billion people, with more than $6.7 trillion in cumulative consumer and business spending – when all African countries join the Agreement. But despite these prospects and Nigeria`s positive attitude towards the outside world, the country continues to put a big red flag on free trade hopes across the continent. He added that the two countries are now at peace and that Eritrea has asked the AU to conclude the agreement with them. 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. It will probably meet during the AU summit. [39] The Council of Trade Ministers provides strategic trade oversight and ensures the effective implementation and implementation of the AfCFTA agreement. [39] Once implemented, the Continental Free Trade Area will bring together 1.3 billion people in a $3.400 billion economic partnership and create an internal market for goods and services and passenger transport to increase intra-African trade. It is expected to come into force gradually, the first being the establishment of a protocol for trade in goods and services and dispute resolution rules.

The second will be competition, investment and intellectual property rights. The general objectives of the agreement are:[20] After the Kigali Summit, further signatures were added for the AfCFTA. At the African Union summit in Nouakchott on 1 July 2018, five other nations, including South Africa, joined the agreement. Kenya and Ghana were the first nations to ratify the agreement and file their ratifications on 10 May 2018. [2] Of the signatories, 22 had to ratify the agreement in order for it to enter into force, and it happened on 29 April 2019, when Sierra Leone and the Arab Democratic Republic of the Sahara ratified the agreement. [7] As a result, the agreement came into force 30 days later on 30 May 2019; At that time, only Benin, Nigeria and Eritrea had not signed. Outstanding issues, such as trade agreements and rules of origin, are still being negotiated. [when?] To date, 30 of the 55 African Union states have signed and ratified afCFTA.

Only Eritrea is not yet obliged to sign, according to Tralac, a trade law organization based in South Africa. (Report by Felix Onuah Letter from Chijioke Ohuocha Schnitt by Mark Heinrich) A cabinet meeting on Wednesday approved the president`s decision to join the African Continental Free Trade Area (AfCFTA) after signing agreements last year, Information Minister Lai Mohammed said.