Only two countries in Africa that signed up for the African Continental Free Trade Area (AfCFTA) – Egypt and South Africa – have advanced in establishing trade remedy authorities. All signatories to AfCFTA are required to set up such national rules to prevent dumping. Nigeria is hoped to follow suit soon.
Public health measures countries made to combat the spread of COVID-19 could not have come at the wrong time for Africa, a continent that has just launched its free trade area agreement in January 2021. Border closure and travel bans have hampered Inter-Africa trade, and uncertainties in tariffs and exchange rate, notes PricewaterhouseCoopers, a consulting firm that released a Report recently.
The African Export & Import Bank (Afreximbank)k, one of the financial institutions active in Africa, has reported itself investing over 1.7 billion dollars in supporting the development of value chains to accelerate the process of industrialization and lift constraints in the supply side. It is a crucial investment to promote the growth of trade within Africa, which is otherwise dependentd on non-African sources.