Tag: Trade

Free Trade Deal Boosts Africa’s Economic Development

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HIGHLIGHTS A new agreement creating Africa’s first continent-wide free trade area could generate greater economic benefits than previously estimated. The African Continental Free Trade Area (AfCFTA), if fully implemented, could raise incomes by 9 percent by 2035 and lift 50 million people out of extreme poverty. To realize its potential benefits, the agreement must accomplish its most ambitious goals, which include harmonizing policies on e-commerce, investment, and intellectual property. The African Continental Free Trade Area (AfCFTA) could deliver far greater benefits in terms of jobs, growth, and poverty reduction than…

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AfCFTA To Encourage Use Of Local Currencies To Boost Trade

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The African Continental Free Trade Area (AfCFTA) on Tuesday said it will promote the use of local currencies in order to boost trade amongst African countries. Prudence Sebahizi, the Chief Technical Advisor at the AfCFTA Secretariat told journalists in Nairobi, the capital of Kenya that currently most intra-Africa trade is settled using the U.S. dollars. “With the use of local currencies, the number of financial transactions will increase while the time it takes to make payments will reduce thereby boosting trade amongst African states,” Sebahizi said during the EABC-Trade Mark…

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