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    Subsequent Sitting of Africa Parliament silhouette to approve Africa’s Trade Treaty

    Posted On 17 Aug 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Great Africa
    Photo Credit: AU

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Tanzania is dawdle for the September House to uphold the African Continental Free Trade Area (AfCFTA) that is lauded as a game changer in the continent’s trade. Exaud Kigahe Industry and Trade Deputy Minister warned on August 15th, 2021that, the cabinet had in last week endorsed the document, ready for accepting same to Parliament scheduled to kick off on August 31st, 2021.

    The concern of the AfCFTA, the treaty which concentrates on eliminating non-tariff trade obstacles in the continent. The pact, autographed by 54 of the African Union’s (AU) 55 member states, commits nations to 90% tariff slices within five years. Therefore, thirty seven nations have upheld the agreement, with Tanzania being
    amongst those which were also to approve the agreement intended for at establishing a free trade area with more than 1.2 billion people.

    “If all goes as planned, we expect to ratify the pact as soon as possible because that is our priority as a country,” the Deputy Minister affirmed.

    “Ratifying the pact means opening doors for competition. That is why it has been taking long to prepare the private sector for that competition,” he asserted.

    “We don’t want Tanzania to become an exporter of raw materials and importer of finished goods.

    “We don’t want to record the balance of the payment deficit.”

    The projected benefits of the agreement are significant.

    Going by the Uneca, Tanzania may lose 1.3 percent of the total government revenue on removal of some tariffs but the country will benefit more from the trade pact.

    Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) President – Paul Koyi asserted, likely benefits to the private sector encompassed improving economies of scale. With the agreement, it is susceptible for local businesses to scale abroad and accordingly, it earns them more glamorous for foreign direct investment.

    “Tanzania is still an infant. We need to join forces with others in the continent for us to thrive,” announced Koyi.

     

    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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    10 Comments

    1. Olivia August 17, 2021 at 3:23 am Reply

      Great report! Cheers to Tanzania and Afrika! Monkey Bay in Malawi. Olivia

      • New Africa Business News, Staff Correspondent August 17, 2021 at 3:37 am Reply

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

    2. Abel August 17, 2021 at 3:26 am Reply

      African Continental Free Trade Area is a gift to Africa. Harare Zimbabwe. Abel

      • New Africa Business News, Staff Correspondent August 17, 2021 at 3:37 am Reply

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

    3. Nile August 17, 2021 at 3:29 am Reply

      Thank to the current Rwandan President Paul for his leadership in achieving the free trade in the continent. Kamanjab in Namibia. Nile

      • New Africa Business News, Staff Correspondent August 17, 2021 at 3:37 am Reply

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

    4. Roka August 17, 2021 at 3:32 am Reply

      Free trade within Afrika is the solution. Luanda Angola. Roka

      • New Africa Business News, Staff Correspondent August 17, 2021 at 3:37 am Reply

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

    5. Rita August 17, 2021 at 3:35 am Reply

      Thank you for the daily newsletters. Kigali Rwanda. Rita

      • New Africa Business News, Staff Correspondent August 17, 2021 at 3:36 am Reply

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

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