Latest news with #AFCFTA
Zawya
17-03-2025
- Business
- Zawya
Demand for training and learning for African member states exceeds expectations
The African Institute for Development and Economic Planning, the ECA's training arm, provided training for 5,000 people in 34 courses in 2024 - more than the 3,000 it initially planned to, said its director, Karima Bounemra Ben Soltane. She said programmes were being designed in response to member states' concerns and aligned to their development needs. In her report back on the Institute's activities over the last year, she said that based on a needs assessment, IDEP now has courses for both private and public sector actors. These include courses on digital transformation and free trade. 'A few years ago, we started dealing with trade negotiations and trade policies. We have increasingly adapted our training to the launching of the AFCFTA and its implementation,' she said. She said it was important for countries to share experiences on what has worked and what is not working in terms of policies and other areas and IDEP could play a role. 'We will launch the ECA School of Thought and Practice to provide a platform to learn from each other's successes and failures, and the African Development Impact Forum to give member states a platform to discuss how to transform strategies into tangible and impactful actions.' Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
See - Sada Elbalad
09-03-2025
- Business
- See - Sada Elbalad
Egypt Issues Instructions on Procedures for Activating AFCFTA
The Customs Authority issued a circular on agreements regarding the procedures for activating the African Continental Free Trade Area Agreement (AFCFTA). The circular stated that a gradual reduction in customs tariffs will be applied to Egypt's imports from South Africa, Botswana, Ghana, Kenya, Cameroon, and Eswatini "over a period of 10 years according to the principle of reciprocity in equal annual installments, with the reduction rate starting this year being 50%. The gradual reduction in customs tariffs was also applied to Egypt's imports from Morocco, Rwanda, Tanzania, Mauritius, Tunisia, Algeria, Burundi, Lesotho, Malawi, Gambia, and Uganda over a period of five years, with the reduction rate starting this year being 100%. The circular went on to say that there are a group of countries that have not entered into force with the Agreement. Amani Al-Wasal, Head of the Agreements and Foreign Trade Sector at the Ministry of Trade pointed out that South Africa has recently begun activating trade exchange under the umbrella of the AFCFTA Agreement, and joining the Guided Trade Initiative (GTI), which was launched in October 2022 within the framework of the agreement. In this regard, Egypt will apply a customs reduction on its imports from South Africa over a period of 10 years, in accordance with the principle of reciprocity as one of the basic principles of the agreement. The countries implementing the agreement (members of the Directed Trade Initiative) include Egypt - Ghana - Tanzania, Cameroon - Kenya - Rwanda - Mauritius - Tunisia - Algeria. The gradual reduction will be applied over a period of time ranging between 5 and 10 years. It should be noted that countries are differentiated according to the United Nations classification (UN), taking into account the principle of reciprocity.
Zawya
07-02-2025
- Business
- Zawya
Tax reform bills will boost Nigeria's economy — FG
Experts in law and finance, including top government officials, have emphasized the crucial role of law in promoting economic prosperity for Nigeria. The federal government has reiterated that the tax reform bills currently before the National Assembly are expected to have a multiplier effect on the economy. This discussion took place during the 15th anniversary lecture for T & A Legal, held in Lagos on Saturday. In her keynote address, titled 'Driving the Future Economy in Nigeria: The Catalytic Role of Law,' the Minister of State for Industry, Trade and Investment, Dr. Jumoke Oduwole, expressed her pride in the milestone achievement of the firm, highlighting that it reflects the power of vision. Oduwole stated that the federal government would continue to foster an enabling environment and implement laws that support both investment retention and promotion, ultimately driving prosperity for the people. She cited the tax reform bills currently with the National Assembly, noting that their passage would significantly benefit the economy. 'We believe very strongly that unless you support businesses operating in Nigeria, of which this firm is one, we really wouldn't get more investment necessary to catalyse our economy,' she added. She explained that the FG would leverage trade policy to drive more investments into the country. She said FG is determined to operationalise AFCFTA in a way that it would help Nigeria trade across Africa and the rest of the world. Also speaking at the occasion, the Chairman of Federal Inland Revenue Service, Dr Zachaeus Adedeji, stated that law serves not just as a regulatory mechanism but as a tool for enabling innovation, fostering inclusion, and unlocking the nation's vast resource. Adedeji stated that efficient, fair, and transparent tax laws not only empower governments to provide essential infrastructure, education, and healthcare but also foster compliance and build a sense of shared responsibility. Emphasising that the tax reform bills represent more than just fiscal policy changes, he noted that implementation of the reform underscores a commitment to equity, inclusion, and the creation of a tax system that works for all Nigerians. The Co-Founding Partner, T & A Legal, Seyi Adisa, described the 15 years milestone achievement of the firm as a celebration of vision and commitment of the founders, which have contributed to its current status. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
