Connect with us

Foreign

S/African president lauds launch of African free trade agreement

Published

on

S/African president lauds launch of African free trade agreement

President Cyril Ramaphosa on Tuesday lauded the launch of the Africa Continental Free Trade Area Agreement (AfCFTA), saying the agreement will catapult the economies of many African countries onto a higher growth trajectory.


Ramaphosa said the agreement “was a milestone that fulfils a dream crafted by the founders of the Organisation of African Union (OAU) 60 years ago when they conceptualised an integrated Africa.’’

He made the comment after attending the 12th Extraordinary Summit of the African Union (AU) on July 7 to July 8 in Niamey, Niger.

The summit marked the entry into force of the AfCFTA and formally launched the operational phase of the African Internal Market.

Ramaphosa said South Africa stands to significantly benefit from being part of the world’s largest single market encompassing 55 countries with a combined population of 1.2 billion people and a combined GDP of 3.2 trillion U.S. dollars.

He called the implementation of the agreement as a platform for African countries to trade among themselves and reap the benefits of the tariff-free area.

According to the president, one of the key spin-offs is expected to be greater focus and urgency for infrastructure development across the continent to support economic activities.

The AfCFTA, among its major aspirations, calls for a single continental market for goods and services, with free movement of business persons and investment, paving way faster establishment of a customs union.

 

Hadiza Mohammed: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Ipas urges media to heighten campaign against Global Gag Rule on women’s sexual reproductive health COVID-19: Group donates ambulance to Plateau govt. Edo 2020: Obaseki promises Agbede Community trailer park, new roads, others to boost economic activities Navy disown fake press release inviting candidates for NNBTS Batch 30 training Kwara records 17 new COVID-19 cases UITH resident doctors suspend 3 days warning strike Operation Scorpion 2: FRSC impounds 129 articulated vehicles, convicts 40 offenders Edo 2020: Sen. Alimikhena canvasses votes for APC in Edo North  S/Korea to review N/Korean refugee activist groups Travel giant Tui secures another billion-plus loan from German state Eurozone industrial production continues positive trend in June Israeli lawmakers reject bill to block another Netanyahu term United States Secretary of State Pompeo defends Saudi arms sales after watchdog report KOICA supports fight against COVID-19 in Nigeria NIPSS, centres, sign MoU on training, collaborative research 11 fast-food franchise employees test positive for COVID-19 in Seoul NEMA embarks on flood sensitisation tour in Kaduna, Katsina FG urges international oil coys, host communities to honour MoUs UK Prime Minister ‘saddened’ by train derailment in Scotland’s Aberdeenshire Man refusing to wear mask hurts two German police officers Fortis MFB: NDIC adhered to guidelines on resolution, liquidation – official Russia says it paid $5m fine to World Athletics over doping 3 dead, 6 injured after train derails in Scottish countryside NCF organises free summer camp for students De Ligt undergoes shoulder surgery, as Matuidi departs Juventus NLC urges FG to increase investment in heath, education sectors Police patrol deserted Bengaluru streets after Facebook post sparks clashes NFVCB, Stakeholders hold dialogue on funding   for film industry All links to destroyed warehouse pursued as part of Lebanon probe Lagos begins Agric-Yes summer school for students Aug. 17 Senate President celebrates International Youth Day Egor council area of Edo at risk of flooding – NEMA warns Masters to be held without patrons in November due to COVID-19 COVID-19:Plateau Assembly urges government to provide bailout to private schools  Youth day: Anambra govt empowers 700 youths in 2 years – Commissioner Plateau Assembly urges funds release to health insurance agency Kaduna Govt, AGRA, CSOs partners to strengthen agriculture budget for 2021 IYD: ActionAid calls for inclusion of youths at all levels in decision making  Progressive Governors Forum DG sets 5 reconciliation, peace building agenda for APC Group trains 6,000 youths from Edo, Delta, others on entrepreneurship. Gbajabiamila advocates more youth participation in politics Int’l Youth Day: Enugu Commissioner cautions youth against involvement in social vices   KIV (ISMA) Drug Abuse: NGO to rehabilitate 40,000 youths nationwide Plateau: Court dismisses case of ownership of NTA motor-park for lack of merit Kaduna Assembly passes law establishing Community and Social Development Agency Bayern Munich praise Messi ahead of tricky UEFA Champions League duel Interim Dividend: NSE market capitalisation rebounds by N135bn FG’s cash transfer scheme to increase Jigawa’s monthly revenue by N1.25bn – Badaru Yobe first molecular lab begins operations Lagos Govt, Reps seek win-win solution to tank farm operators, residents dispute