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PACCI's 2nd Session on Trade Facilitation at ATW2016

30 November 2016
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PACCI’s session along the ATW2016 continues today

Today’s session on ‘Trade Facilitation – A priority for chambers of commerce in Africa” was chaired by Mr. Sanusi Maijama-a Ajiya, National Vice-Presidenct (MSME) of Nigerian Association of Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA).

Experts from UNCTAD, African Alliance for E-Commerce, and Managing Directors of Logistics company from Kenya and Ethiopia participated as a panelists.

  • Global Economy to Expand by 3.1 percent in 2018, Slower Growth Seen Ahead

    Global Economy to Expand by 3.1 percent in 2018, Slower Growth Seen Ahead

    Despite recent softening, global economic growth will remain robust at 3.1 percent in 2018 before slowing gradually over the next two years, as advanced-economy growth decelerates and the recovery in major commodity-exporting emerging market and developing economies levels off, the World Bank said.  

     “If it can be sustained, the robust economic growth that we have seen this year could help lift millions out of poverty, particularly in the fast-growing economies of South Asia,” World Bank Group President Jim Yong Kim said. “But growth alone won’t be enough to address pockets of extreme poverty in other parts of the world. Policymakers need to focus on ways to support growth over the longer run—by boosting productivity and labor force participation—in order to accelerate progress toward ending poverty and boosting shared prosperity.”

    Sub-Saharan Africa: Growth in the region is projected to strengthen to 3.1 percent in 2018 and to 3.5 percent in 2019, below its long-term average. Nigeria is anticipated to grow by 2.1 percent this year, as non-oil sector growth remains subdued due to low investment, and at a 2.2 percent pace next year. Angola is expected to grow by 1.7 percent in 2018 and 2.2 percent in 2019, reflecting an increased availability of foreign exchange due to higher oil prices, rising natural gas production, and improved business sentiment. South Africa is forecast to expand 1.4 percent in 2018 and 1.8 percent in 2019 as a pickup in business and consumer confidence supports stronger growth in investment and consumption expenditures. Rising mining output and stable metals prices are anticipated to boost activity in metals exporters. Growth in non-resource-intensive countries is expected to remain robust, supported by improving agricultural conditions and infrastructure investment.

     

  • Sierra Leone signs The Afican Continental Free Trade Agreement

    Sierra Leone signs The Afican Continental Free Trade Agreement

    Sierra Leone has become the latest country to subscribe to the trade treaty seeking a unified African market. President Julius Maada Bio appended his signature to the African Continental Free Trade Area (AfCFTA) agreement in the Mauritanian capital, Nouakchott on Monday, State House in Freetown disclosed. President Bio, in office for just four months, was making his maiden appearance at the 31st Ordinary Session of the African Union General Assembly.

    The theme was: ‘Winning the Fight Against Corruption: A Sustainable Path to Africa’s Transformation.’

    President Bio is the head of the AU’s Committee of Ten on the Reform of the United Nations Security Council, a position he inherited from his predecessor Ernest Bai Koroma.

    Free movement

    He is also chairman of the AU Peace and Security Council, under which he chaired several sideline meetings. AfCFTA promises to break the cross-border trade barriers to ensure productive economic activities among member countries. It specifically aims to create a single continental market for goods and services, with free movement of business people and investments, and thus paving the way for accelerating the establishment of a continental customs union.

    The deal initially requires members to remove tariffs from 90 per cent of goods to allow free access to commodities and services across the continent.  AfCFTA's overall goal is to bring together the 54 African countries with a combined population of more than one billion people and a gross domestic product of more than $3.4 trillion, the AU says.

    If successfully implemented, analysts say, it could increase the economic diversification and intracontinental trade significantly. And a study attributed to the UN Economic Commission for Africa (UNECA) notably says that AfCFTA could lead to a 52 per cent increase above the baseline in intra-African trade flows by 2022.

    The agreement, which was first unveiled at an extraordinary summit of the AU Heads of State and Government in the Rwandan capital, Kigali, earlier in March, will create what has been described as potentially the largest free-trade area in terms of participating countries since the formation of the World Trade Organisation.

    New government

    Sierra Leone was in the middle of its elections at the time which ushered in a new government.

    Freetown State House said Monday in a statement that President Bio’s ascension to the agreement signifies his commitment to his “ambitious agenda” to ensure that it has access to the rest of the continent’s market and use trade and investment to revitalise its economy.

    The agreement had been signed by 44 member countries in Kigali.

    Kenya, Ghana and Rwanda were first to sign and ratify the agreement.

    It requires 22 ratifications by members for the treaty to come into effect.

    ( article By KEMO CHAM Nation Media Group )
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The Pan African Chamber of Commerce and Industry was established in 2009 by 35 founding national business chambers to influence government policy and create a better operating environment for business.

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