Category: Trade

Digital Platforms to Drive South Africa’s Economic Growth by R91.4 Billion by 2035, Naspers and MISTRA Report Shows

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Groundbreaking research highlights the potential of South Africa’s digital platform economy to revolutionize economic growth and inclusion. Today, Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA) released a pioneering research report revealing that South Africa’s digital platform economy could inject R91.4 billion into the national economy by 2035. This study, titled “Our Digital Horizon: The Economic Opportunity of Digital Platform Businesses in SA,” offers the first comprehensive model of the economic impact of digital platforms in South Africa, underscoring the sector’s transformative potential. Unleashing Economic Potential The report projects…

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Nigeria’s roadmap to digital transformation under the AfCTA

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The country is investing in digital infrastructure and talent development, aiming to unlock new economic growth opportunities Nigeria is positioning itself to lead the continent in digital commerce within the African Continental Free Trade Area (AfCFTA) framework. Already, the country’s digital economy has transformed the way millions of citizens shop, bank, and communicate, reshaping the nation’s trade landscape and unlocking new pathways for economic growth. The AfCFTA aims to harmonize digital trade rules and principles, ensuring a streamlined, secure, and inclusive digital trading environment to enhance digital trade within Africa…

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Comoros becomes the 165th member of the World Trade Organization (WTO)

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On August 21, 2024, Comoros reached a crucial milestone in its economic development by becoming the 165th member of the World Trade Organization (WTO). This accession marks the culmination of a negotiation process that lasted 17 years, demonstrating the country’s determination to integrate into the global economy. Comoros, an archipelago located in the Indian Ocean, thus becomes the tenth least developed country (LDC) to join the WTO through negotiations. This accession is particularly significant as it opens new prospects for the country’s economic development. WTO Director-General Ngozi Okonjo-Iweala warmly welcomed…

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Intra-African Trade: Afreximbank Compliance Forum Announced in Dakar for September

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The African Export-Import Bank (Afreximbank) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) are preparing to organize a major event aimed at improving compliance practices in African trade. Under the theme: “Better Compliance – Better Trade: The Implications of New FATF Requirements on Ultimate Beneficial Owner Identification and Their Impact on Trade“, this International Compliance Forum will be held from September 4 to 6, 2024 in Dakar, Senegal. The high-level event will address crucial topics for the development of trade in Africa, including: Financial Action Task…

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GCCA ISSUES CALL TO ACTION ON FOOD SUPPLY CHAIN RESILIENCE AND BOOSTING TRADE IN AFRICA

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African policy leaders must support robust growth in the cold chain for the success of the African Continental Free Trade Area (AfCFTA) and to boost prosperity, food supply chain resilience, and trade across the continent, says the Global Cold Chain Alliance (GCCA) today as the GCCA Africa conference opens at the Westin Hotel in Cape Town. The GCCA is the international association for temperature-controlled logistics businesses. The GCCA Africa conference will see Africa’s cold chain professionals gather for two days of discussion on key challenges and opportunities related to the storage and…

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African Development Bank approves $40 million Trade Finance Transaction Guarantee Facility to Ethiopia’s Dashen Bank

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The Facility will provide support to Small and Medium Sized Enterprises (SMEs) and local corporates’ import and export trade finance requirements The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $40 million transaction guarantee facility to support Dashen Bank’s trade finance activities in Ethiopia.   The Facility will provide support to Small and Medium Sized Enterprises (SMEs) and local corporates’ import and export trade finance requirements. It will also support intra-Africa trade, thus directly contributing to the successful implementation of the African Continental Free Trade…

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Afreximbank to double intra-African trade financing to $40 billion by 2026

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Afreximbank had been a champion in facilitating intra-African trade since its founding and that it had committed US$1 billion to support the funding of the AfCFTA Adjustment Fund African Export-Import Bank (Afreximbank) (www.Afreximbank.com) plans to double its financing of intra-African trade from US$20 billion in 2021 to US$40 billion by 2026, Mr. Haytham ElMaayergi, Afreximbank’s Executive Vice President, Global Trade Bank, has said.   Mr. ElMaayergi was addressing participants and guests in Abuja at the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF), from August…

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TradeMark Africa and Rwanda Government Set to Host Landmark Trade Development Forum in Kigali

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Propelling Pan-African Digital Trade Initiatives into a New Era The Government of Rwanda and TradeMark Africa (TMA) (www.TradeMarkAfrica.com) will co-host the Trade Development Forum, bringing together Heads of State and Government Officials, Development Partners, Academicians, Multilateral Organisations and Private Sector from 14 TMA countries of implementation and beyond. Under the theme “Digital Trade”, this 2-day forum will take place in Kigali, Rwanda; from 2 December to 3 December 2024. The previous editions were held in Kenya in 2011, 2012, 2014, and 2019, and in Uganda in 2018. We look forward to sharing…

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Africa Trade Boost Event to Connect Tunisian SMEs with Markets in Senegal, Côte d’Ivoire, Benin, Nigeria, Kenya, and Ghana

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The Tunisian Export Promotion Center (CEPEX) has recently announced the launch of the “Africa Trade Boost Event,” an ambitious project aimed at strengthening the integration of African regional markets. This initiative is part of a broader project supported by the European Union, targeting market integration in Tunisia, Egypt, and Morocco. The project, led by EY Tunisia (ERNST & YOUNG) in collaboration with the European Bank for Reconstruction and Development (EBRD), primarily aims to facilitate access for Tunisian SMEs to sub-Saharan African markets. The target countries include Senegal, Côte d’Ivoire, Benin,…

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COMESA-EAC-SADC Tripartite Free Trade Area Set to Launch on July 25, 2024

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In a significant milestone for African economic integration, the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement is scheduled to come into force on July 25, 2024. This development follows the recent ratification of the agreement by Angola, bringing the total number of ratifying countries to 14 – the threshold required for the agreement to take effect. The announcement was made during the 37th Tripartite Task Force Meeting held on July 20, 2024, in Accra, Ghana. The meeting brought together the chief executives of the three Regional Economic Communities (RECs) involved:…

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