Countries That Signed Free Trade Agreement With Nigeria

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“With this agreement, it will stimulate The economy of Nigeria and other producers in Africa,” Ibrahim said. By removing trade barriers through the treaty, Nigeria will benefit many new markets for its products, Ibrahim said. He added that the two countries are now at peace and that Eritrea has asked the AU to conclude the agreement with them. Adetokunbo Kayode, a former Nigerian minister and current president of the Abuja Chamber of Commerce and Industry, said the free trade agreement would not expose Nigeria to economic risks. Nigeria – the continent`s largest economy and the most populous country – will finally sign the Agreement on the Continental Free Trade Area (AfCFTA) which aims to boost intra-African trade and create the world`s largest trading bloc. “In addition, we also have (in Nigeria) the fashion industry that is booming,” he said. “Nigeria can move this to other parts of Africa. There will be a kind of cultural exchange with industry. They are available in all forms and with different rules, but in short, they make trade between countries as liberal as possible and allow for more rules-based competition. Now that AfCFTA can access the huge Nigerian market, they are in a much stronger position to negotiate with regional authorities in other parts of the world.

“My goal is to see ways and means to stimulate trade and investment between Nigeria and Egypt, the two largest countries in Africa with huge potential and population,” the diplomat said, noting that the volume of trade between Nigeria and Egypt “is not very important and is another sad story of intra-African trade relations.” “The ratification of AfCFTA in Nigeria is a positive development, but the country`s commitment to intra-African trade should also be reflected in the reopening of its land borders,” said Landry Signé, senior fellow at the Brookings Institution. “The reopening of the borders will send a strong signal to Nigeria`s intentions… to boost intra-African trade. ” 📬 start every morning with the coffee and the Daily Brief (BYO coffee). The overall objectives of the agreement are:[20] In March 2018, at the 10th African Union special session on AfCFTA, three separate agreements were signed: the African Continental Free Trade Agreement, the Kigali Declaration; and the protocol on the free movement of people. The Protocol on the Free Movement of Persons aims to create a visa-free zone within AfCFTA countries and to support the creation of the African Union passport. [27] At the Kigali Summit on 21 March 2018, 44 countries signed the AfCFTA, 47 signed the Kigali Declaration and 30 signed the protocol on the free movement of persons. Although a success, there were two remarkable holdouts: Nigeria and South Africa, the two largest economies in Africa. [28] [29] [30] Nigeria as the continent`s most populous nation and largest economy has an important role to play as the “engine compartment” of intra-African trade, Ibrahim told the Xinhua news agency. Nigerian President Muhammadu Buhari signed the pioneering agreement at the African Union (AU) summit in Niger. What complicates matters further is that Africa was already divided into eight separate free trade zones and/or union unions, with different regulations. [Note 1] These regional bodies will continue to exist; The African Continental Free Trade Agreement aims firstly to remove barriers to trade between the various pillars of the African Economic Community and, finally, to use these regional organizations as building blocks of the ultimate goal of an African-wide customs union.

[21] [30] [31] “For Nigeria, consent to the signing of this agreement will be of great use to all Africans,” he said.