African Continental Free Trade Agreement Secretariat

“It will offer us the vehicle to act between them in a more modern and demanding way; It will offer a great opportunity to exploit the wealth and abundant resources of our great continent for the good of all our people; and that will give us protection on how to deal with other trading blocs,” the president said. Wamkele Mene, the first Secretary General of the AfCFTA, said the agreement offers Africa the opportunity to address the major challenges of trade and economic development: market fragmentation, small economies, over-dependence on primary commodity exports, a narrow export base, lack of export specialization, underdeveloped regional value chains and high regulatory and tariff barriers. Given that the Nigerian government continued to consult with local business groups in the second half of 2018, one of the main concerns was whether the agreement adequately prevented anti-competitive practices such as dumping. [59] As 2018 draws to a close, former President Olusegun Obasanjo said the delay was “regrettable” and pointed to the lack of trade in goods between African countries, the difficulties in getting from one African country to another, and the colonial legacy of these restrictions on African growth. [60] The government`s steering committee responsible for the consultation process is expected to release its report on the agreement in January 2019. [61] Israel Osorio Rodarte is an economist in the Trade and Regional Integration Department at the World Bank. . . .