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    Malawi Validated the Approval of the African Continental Free Trade Area (AfCFTA)

    Posted On 08 Oct 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 14

    By Abdul Rahman Bangura–

    Photo Credit: YouTube

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Malawi eventually, has approved the ratification of the African Continental Free Trade Area (AfCFTA) after years of ensuring an agreement to uphold the continent’s heftiest solitary market.

    Mayeso Msokera – Ministry of Trade spokesperson ascertained about the approval to accept the consensus pursuing productive conversations with other stakeholders, comprising the private sector. The authorization arrives two months before the AfCFTA is establish for it approval, Malawi had already ratified the deal on March 21st, 2018 in Kigali, Rwanda.

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    Smokers stated: “Malawi held successful consultations with the private sector through the Ministry of Trade, which led to an endorsement for ratification of the agreement.”

    He explained the Ministry of Trade and in collaboration with Ministry of Justice, is currently working on the AfCFTA instruments of ratification to be deposited with the African Union Commission.

    “This follows an in-depth study that the Ministry of Trade undertook on the benefits that would arise from signing and ratifying this agreement and a successful extensive stakeholder consultation process, particularly with the private sector because we acknowledge that it is the private sector that will have to take advantage of this free trade area.”

    The AfCFTA renders the recourse for Africa to establish the world’s largest free trade area as it has a probable to join 1.3 billion people within a rated $2.5 trillion economic bloc. The United Nations Economic Commission for Africa Regional Director for Southern Africa – Said Adejumobi said the economic bloc is steadied to develop a continental market for goods and services, with free movement of people and capital and pave the way for creating a Customs Union.

    He furthered that, AfCFTA is further anticipated to strengthen competitiveness at the industry and enterprise level through opportunities for scale production, continental market access and better reallocation of resources.

    “It will also grow intra-African trade through better harmonization and coordination of trade liberalization across the continent,” he noted.

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    Nonetheless, a timelier hookup review by ministries of Trade and Finance revealed that government will have to relinquish trade tax revenue once the AfCFTA rolls out the full valve that regulates its actions. Several least advanced nations such as Malawi bank heavily on global trade taxes as a source of revenue to finance day-to-day government operations. As exceptionally, there have been skepticisms that, Malawi and other small economies may be left tussling with the adverse consequences of tariff slices should the AfCFTA rolls out as formulated.

    Such questions have navigated to Malawi and other nations thrust for extraordinary and differential remedy in the enactment of the AfCFTA’s requirements on the elimination of import duties and other tariffs.

    Trade experts have also recently urged that, the AfCFTA should be supported by high efficient capacity, strengthened regional value chains and, remove internal impediments to the growth of small and medium enterprises so that African governments, including Malawi, can vie well in the liberalization market.

     

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    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia, Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    14 Comments

    1. Chan October 8, 2020 at 2:55 am Reply

      Thank you for the newsletter. Am learning a lot about Africa and the many great opportunities. Chan in Hong Kong!

      • New Africa Business News, Staff Correspondent October 8, 2020 at 2:56 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Sonia October 8, 2020 at 3:02 am Reply

      Africa is happy for you to know of the great business partnerships, that benefit Africa. If you are greedy just stay in your island city of Hong Kong. Kigali Rwanda. Sonia

      • New Africa Business News, Staff Correspondent October 8, 2020 at 3:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Fanny October 8, 2020 at 3:09 am Reply

      Thank you for reporting. Our useless government have no choice but to be part of the free trade in our great continent. Lilongwe Malawi. Fanny

      • New Africa Business News, Staff Correspondent October 8, 2020 at 3:11 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Melina October 8, 2020 at 3:17 am Reply

      We in Malawi are very happy to witness Malawi validating of African Continental Free Trade Area. Am pretty so, it would lift many of our People out of poverty and great cooperation within the Continent. Luwawa, Malawi. Melina

      • New Africa Business News, Staff Correspondent October 8, 2020 at 3:19 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Jenna October 8, 2020 at 3:24 am Reply

      Like to thank you for signing me to the newsletter. Love the reports. Worcester SOUTH AFRICA. Jenna

      • New Africa Business News, Staff Correspondent October 8, 2020 at 3:25 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Yussuf October 8, 2020 at 3:31 am Reply

      Great reporting and thank you for the reports. Cairo Egypt. Yussuf

      • New Africa Business News, Staff Correspondent October 8, 2020 at 3:32 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    7. Ivan October 8, 2020 at 3:55 am Reply

      I think African Continental Free Trade Area would be the largest free trade area in the history of the World. The beautiful beginning of no trade barriers in Africa. Free movement of goods and services. Harare in Zimbabwe. Ivan

      • New Africa Business News, Staff Correspondent October 8, 2020 at 3:56 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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