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    BREAKING NEWS
    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
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    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
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    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal

    Posted On 16 Aug 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Bangura–

    Photo Credit: African Union

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – Africa Continental Free Trade Area (AfCFTA) was ratified in 2018, in Kigali Rwanda and 44 African member nations approved to carry out the deal as a path to smudge into the landmass’s trade chances and strengthen intra-Africa trade towards attaining the AU
    development agenda 2063.

    It started formally in January 2021 with only 36 nations (to date) been eligible to ratify and place their instruments of AfCFTA ratification with the African Union Commission (AUC).

    In a bid to move the agenda forward, each regional bloc in Africa was commissioned to form a Regional Business Council (REC) and it’s right nations that have been created, comprising the Eastern and Southern Africa REC tripartite- which centralizes the East African Business Council (EABC), Common Market for Eastern and Southern Africa (COMESA) and Southern African Development Community (SADC).

    However, six African nations, including Rwanda have been selected to captain regional trade in selected goods, one of the major challenges is that a multitude of trade instruments had not been completed.

    Officeholders announced, there has been no effort on the consequences of the 1st coordination conference of the Heads of Regional Economic Communities on the implementation of AfCFTA held in September 2021, in Accra-Ghana. Moving from paperwork to action, the regional tripartite which met in Kigali from 10th –11th August, 2022 acknowledged the function of private sectors in implementing the deal and came up with strong suggestions on how to move forward.

    These encompass giving birth to an Action Plan for Collaboration between the RECs Business Councils on capacity building of the private sector to participate in the AfCFTA initiatives, create joint coordination on the sensitization of the private sector to benefit from the opportunities presented by the AfCFTA, and establishing engagement mechanism between African Business Council and the RECs Business Councils.

    The latest issue was the most controversial facet as tripartite members fluctuated on whether to push their own tripartite council or form a new Africa continental tripartite council compliance in mind that, there is an African Business council- which is acknowledged by AU but not a legal entity.

    Dennis Karera, EABC Vice Chairman and AfCFTA Focal Point Rwanda announced, the regional business body can construct a continental council that is assertive and thorough.

    “I don’t see why we cannot start this process now, so as to have a council that is inclusive and representative of all legally recognized regional business councils,” Karera said.

    “The longer we wait the more room we are going to create for other organizations to pop up. Otherwise some Asian will come and create a group that we don’t know.”

    However, Dickson Poloji – CEO of COMESA Business Council told that they don’t want to commence a fight with the prevailing Africa Business Council. Africa has a market of 1.3 billion consumers with a total Gross Domestic Product (GDP) of more than $2.6 trillion and $80 billion in intra-Africa exports.

    The World Bank foresaw economic windfalls of full AfCFTA enactment by 2035 to a 7% real income gain ($450 billion), 29% boost in volume of exports, and 81% improvement in intraAfrican trade, lifting over 60 million from poverty. The first phase of the AfCFTA was thought to see commission of trade in goods and services, setting statutes and the protocols on the settlement of disputes, tariff concessions, specific commitments for trade in services, and rules of origin.

    Nevertheless, with 70% of intra-regional trade potential, Karera challenged why the SADC bloc doesn’t trade much with the East but relatively craves the Western.

    “We need to see the role of the private sector without delay. Why is it that we still have trade barriers, closed air spaces in the region?”

     

    Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

    Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

    Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

    who.int/emergencies
    Coronavirus Q&A, World Health Organization
    who.int/news-room
    Coronavirus condition overview, World Health Organization
    who.int/health-topics
    United States, Centers for Disease Control and Prevention
    cdc.gov/coronavirus/2019-ncov

    NEW AFRICA BUSINESS NEWS
    ADVERTISING OPPORTUNITY. CONTACT:  ADVERTISING@NEWAFRICABUSINESSNEWS.COM

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent
    About the Author
    New Africa Business News Staff Correspondent
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    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
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