Category: Trade

22nd COMESA Summit urges extension of the Tripartite programme on harmonization of cross border transport policy and regulation at continental level

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The recently approved final communiqué of the 22nd Summit of the COMESA Authority of Heads of State and Government gives an overview of the progress achieved by COMESA under the market integration and infrastructure development pillars, based on the findings of a report that was presented during the Summit by the COMESA Secretary General. Among the conclusions adopted, one deserves particular attention. This is the recommendation to scale up the Tripartite Transport and Transit Facilitation Programme (TTTFP) at Continental level. An harmonized regulation on transport in Africa is key for supporting the African Continental Free Trade (AfCFTA) implementation, because in order to facilitate intra-African trade, it…

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Kenya and Djibouti Agree on a Visa Free Regime to Boost Trade

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Kenya and Djibouti will push for a visa-free regime to spur trade.   The two countries will also exploit and further their existing relations to grow investments. This was reached on Sunday when President William Ruto met his counterpart Ismaïl Omar Guelleh at the Palais Présidentiel in Djibouti. The two leaders agreed to establish the Kenya-Djibouti business council that will drive commerce between the two countries. President Ruto said, Djibouti people visiting Kenya will not be required to have visas. “This is part of our contribution to easing the movement…

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DP WORLD AND STANDARD BANK PARTNER TO EXPAND TRADE FINANCE IN AFRICA

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“ Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent. Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World „ The continent’s largest bank becomes the first African bank to partner with DP World Trade Finance   Standard Bank, the largest bank in Africa by assets, has partnered with DP World, a global leader in supply chain solutions, to offer trade finance solutions jointly with DP World Trade Finance. This partnership will help in closing the…

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African Ministers exclude trade of second-hand clothes under the AfCFTA preferential rules

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On June 1, 2023 during the second Ministerial Retreat of the AfCFTA Council of Ministers, held in Nairobi, Kenya, a decision was adopted that prevents second-hand clothes from being traded across the continent under the preferences of the African Continental Free Trade Area (AfCFTA). The purpose of this measure is to exclude second-hand clothes from preferential trade under the AfCFTA rules (i.e., in exemption of customs duties), so to encourage value-addition and industrialisation in Africa. This decision has been compared on many press and media sources with a previous initiative adopted in the East African Community (EAC). But it is not the same thing. In 2015, the EAC Heads…

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Trade : Gabon, Sierra Leone Accede to Establishment Agreement of Afreximbank’s Fund for Export Development in Africa (FEDA)

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FEDA described the accession by the two countries as a significant milestone, which will strengthen its ability to provide crucial support to African economies and achieve its objectives effectively The Fund for Export Development in Africa (FEDA), the development impact-focused subsidiary of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has announced the accession of the Gabonese Republic and the Republic of Sierra Leone to the Fund through their recent respective signing of the FEDA Establishment Agreement.   FEDA described the accession by the two countries as a significant milestone, which will strengthen…

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African Development Fund, Smart Africa Alliance launch $1.5 million project to enhance digital trade and e-commerce ecosystems across Africa

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The project will see to the implementation of regional training and capacity-building programs focusing on cross-border e-payment and e-commerce for governments, private sectors, and SMEs The African Development Fund and Smart Africa Alliance have jointly launched a $1.5 million project to streamline digital trade and e-commerce policies across 10 African countries. The Institutional Support for Digital Payments and e-Commerce Policies for Cross-Border Trade Project (IDECT (https://apo-opa.info/3L9ZNqA)) will evaluate policy gaps in the digital trade and e-commerce ecosystems of Côte d’Ivoire, Benin, Ghana, Liberia, Uganda, South Sudan, Zimbabwe, the Republic of…

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Visa, ITC partner to sharpen financial capacities of youth-led and e-commerce companies in Africa

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(Geneva) – The International Trade Centre (ITC) and Visa partner to provide youth-led and e-commerce businesses in Africa with the tools, training, and resources they need to enhance their financial skills. The partnership draws on Visa’s extensive tools, resources and expertise in payment solutions, as well as ITC’s work on empowering youth in trade using fit-for-purpose digital tools. The newly signed partnership aims to update and improve the ITC Online Payment Solution Finder, which helps businesses to find relevant payment solutions and sales channels in any given country, with background information…

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Kenya, Congo and Chad Accede to Afreximbank’s Fund for Export Development in Africa (FEDA) Establishment Agreement

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The Republics of Kenya, Congo and Chad are the latest signatories to the Establishment Agreement of the Fund for Export Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank). These successive accessions provide positive momentum for FEDA and demonstrate a shared commitment from Afreximbank Member Countries to support the organization’s impact investing objectives. It creates a powerful catalyst to increase equity and equity-like funding for African companies that promote industrialization, Intra-Africa trade and value-added export development. FEDA already has strategic investments in The Republic of Congo…

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NAMIBIA AND BOTSWANA LAUNCH 24-HOUR OPERATION AT BORDER POSTS TO BOOST TRADE

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WINDHOEK, (Xinhua) – Namibia and Botswana on Saturday launched the 24-hour operation at the Trans-Kalahari/Mamuno border crossings, in a bid to boost trade between the two countries. Speaking at the launch ceremony, Namibia’s Minister of Home Affairs, Immigration, Safety and Security, Albert Kawana, highlighted the benefits of the new policy for the business community, saying it would eliminate the need for truckers to sleep at border crossings, ensuring timely delivery of goods and services to consumers. The Trans-Kalahari Corridor is a crucial route for trade between the two countries, and…

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Trade : Germany to Support Kenyan Businesses in Accessing European Markets

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  Germany will support Kenya in its attempt to better penetrate the European Union market. Chancellor of Germany Olaf Scholz said Kenya is a true friend and stable country in Africa whose economy must be helped to thrive. “The better access to Europe will help Kenyan firms to produce and sell more. This will accelerate employment creation and support more lives,” he said. He was addressing the media on Tuesday at his office in Bundeskanzleramt in Berlin after talks with President William Ruto. We value the role that Germany has…

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