{"id":596777,"date":"2019-07-08T04:00:34","date_gmt":"2019-07-08T04:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/afcftas-operational-phase-launched-at-au-summit\/"},"modified":"2019-07-08T04:00:34","modified_gmt":"2019-07-08T04:00:34","slug":"afcftas-operational-phase-launched-at-au-summit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/afcftas-operational-phase-launched-at-au-summit\/","title":{"rendered":"AfCFTA\u2019s operational phase launched at AU summit"},"content":{"rendered":"

<\/a> African Union launches African trade zone at Niger summit:<\/b> The African Union (AU) formally launched the African Continental Trade Area (AfCFTA) at a two-day summit in Niger on Sunday, Reuters reports<\/a>. The agreement to set up a USD 3.4 tn African economic zone comes after four years of talks. All but one of the 55 AU member states have now signed the accord, but only 25 have ratified it. Nigeria \u2014 the continent\u2019s largest economy \u2014 recently agreed to participate in the zone and signed the agreement at the summit. Egypt and 43 other countries signed AfCFTA in March 2018<\/a>.<\/p>\n

The trade zone will see AU members eliminate tariffs on most goods <\/b>to boost intra-regional trade and strengthen supply chains. This will potentially increase trade in the region by 15-25% in the medium term and as much as 52.3%<\/a> in the long term. Intra-regional trade in Africa accounted for just 17% of exports in 2017, compared to 59% in Asia and 69% in Europe. The AU summit is expected to determine the trade zone\u2019s headquarters, when trading will start, and exactly how the process will work. Seven member states, including Egypt, have submitted bids to host the AfCFTA headquarters, according to an AU statement<\/a> released prior to the summit.<\/p>\n

El Sisi hails the agreement:<\/b> \u201cThe eyes of the world are turned to Africa,\u201d President Abdel Fattah El Sisi, who chaired Sunday\u2019s meeting, said during the summit\u2019s opening ceremony. AfCFTA \u201cwill reinforce our negotiating position on the international stage. It will represent an important step.\u201d<\/p>\n

Egypt stands to be a key beneficiary:<\/b> Countries with large manufacturing bases, including Egypt, South Africa, and Kenya are poised to be net beneficiaries<\/a> of AfCFTA. Being able to quickly expand outside of their usual export markets will give them an advantage over manufacturers from other countries. The removal of tariffs will also enable Egypt to import raw materials at lower costs from within Africa, rather than having to look further afield, and Egyptian cotton is expected to be in high demand throughout the continent.<\/p>\n

But substantial challenges remain:<\/b> Growth and integration have been hampered by poor infrastructure set up to serve trade outside the continent, along with bureaucracy and corruption. The IMF has warned that \u201creducing tariffs alone is not sufficient,\u201d and that these other issues must be tackled if AfCFTA is to succeed. Negotiations have also been hindered by the disparity in economic weight and motivation between countries. Over 50% of the continent\u2019s cumulative GDP is contributed by Egypt, Nigeria and South Africa, and only 1% comes from the six sovereign island nations. Although Egypt and South Africa stand as two of AfCFTA\u2019s largest beneficiaries, Nigeria is likely to see far fewer immediate gains.<\/p>\n","protected":false},"excerpt":{"rendered":"

African Union launches African trade zone at Niger summit: The African Union (AU) formally launched the African Continental Trade Area (AfCFTA) at a two-day summit in Niger on Sunday, Reuters reports. The agreement to set up a USD 3.4 tn African economic zone comes after four years of talks. All but one of the 55 […]<\/p>\n","protected":false},"author":1,"featured_media":596778,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[423,810,72,1914,295,2380,69,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-african-continental-free-trade-area","tag-african-union","tag-enterpriseam","tag-nigeria","tag-south-africa","tag-speed-round","tag-tax","tag-trade","wpautop","entry"],"acf":{"mongo_id":"1e88e5c6-c1cc-483d-bda2-a560bca6bc85","is_powered_by":true,"section_story_id":"1c514aaa-97b8-4ebb-8bdf-f6937134abbc","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/1853.jpg","photo_position":"above","related_issue":[596764],"teaser":"","voice_url":""},"yoast_head":"\nAfCFTA\u2019s operational phase launched at AU summit - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/afcftas-operational-phase-launched-at-au-summit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfCFTA\u2019s operational phase launched at AU summit\" \/>\n<meta property=\"og:description\" content=\"African Union launches African trade zone at Niger summit: The African Union (AU) formally launched the African Continental Trade Area (AfCFTA) at a two-day summit in Niger on Sunday, Reuters reports. 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We recap the story in full in Speed Round, above. Both Al Ahram and Al Gomhuria\u2019s websites are down for yet another morning.","rel":"","context":"In "ON THE FRONT PAGES"","block_context":{"text":"ON THE FRONT PAGES","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-front-pages\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596768,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/el-sisis-visit-to-niger-dominates-egypts-airwaves-for-second-consecutive-night\/","url_meta":{"origin":596777,"position":1},"title":"El Sisi\u2019s visit to Niger dominates Egypt\u2019s airwaves for second consecutive night","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"President Abdel Fattah El Sisi\u2019s visit to Niger dominated the nation\u2019s airwaves for the second consecutive night. El Sisi chaired yesterday the African Union\u2019s (AU) extraordinary summit, which saw the launch of the African Continental Trade Area (AfCFTA) agreement. We have the full story in Speed Round, below. 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The ministers, who met in Cairo last week, also\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631835,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/28\/how-beneficial-really-is-the-african-continental-freetrade-area\/","url_meta":{"origin":596777,"position":3},"title":"How beneficial really is the African Continental Freetrade Area?","author":"enterpriseam admin","date":"28 March 2018","format":false,"excerpt":"How beneficial can the African Continental Freetrade Area really be? The pan-African Continental Freetrade Zone (CFTZ) agreement \u2014 signed by 44 African countries including Egypt \u2014 is being heralded by the African Union as having the potential to increase intra-continental trade by 53% by eliminating import duties, which average 6.1%,\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/3\/1895.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596720,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/el-sisi-arrives-in-niger-gets-egypts-talking-heads-talking\/","url_meta":{"origin":596777,"position":4},"title":"El Sisi arrives in Niger, gets Egypt\u2019s talking heads talking","author":"enterpriseam admin","date":"7 July 2019","format":false,"excerpt":"President Abdel Fattah El Sisi\u2019s visit to Niger was the talk of the town on the airwaves last night. El Sisi is set to chair the African Union\u2019s extraordinary summit, which will take place later today, to launch the operational phase of the African Continental Trade Agreement (AfCFTA).The agreement is\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581669,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/shoukry-attends-2023-african-union-summit-in-ethiopia\/","url_meta":{"origin":596777,"position":5},"title":"Shoukry attends 2023 African Union summit in Ethiopia","author":"enterpriseam admin","date":"19 February 2023","format":false,"excerpt":"Shoukry attends AU summit: Foreign Minister Sameh Shoukry was in Addis Ababa yesterday for the annual African Union (AU) summit, which brought the continent\u2019s 55 countries together to discuss food and energy security, climate change and the African Continental Trade Agreement. The session also saw Senegal hand the AU presidency\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/African-Union-summit-2023-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596777"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596777\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596778"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596777"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596777"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}