Latest news with #AfricaTrade
Zawya
27-05-2025
- Business
- Zawya
IPT Africa Joins the Canada-Africa Chamber of Business to Strengthen Cross-Border Trade Between Canada and Africa
AFRICA The Canada-Africa Chamber of Business ( is proud to welcome IPT Africa, a leading pan-African cross-border payment and collections platform, as its newest member. Headquartered in Mauritius, IPT Africa empowers global businesses to operate seamlessly across the African continent. With access to real-time FX pricing, multi-currency virtual wallets, and on-the-ground collection and payout capabilities in 40+ African currencies, IPT Africa is uniquely positioned to solve the challenges many Canadian businesses face when transacting with Africa. Mark Sullivan, founder and CEO of IPT Africa, will address the Africa Accelerating 2025 ( conference in Toronto on September 9th this year, during the flagship program of The Canada-Africa Chamber of Business, which serves to accelerate Canada-Africa trade and investment. 'We are delighted to welcome IPT Africa to the Chamber,' said Garreth Bloor, President of the Canada-Africa Chamber of Business. 'Their expertise in navigating payment complexities across Africa makes them a valuable partner for Canadian companies seeking to scale operations and strengthen ties with the continent.' Canadian businesses, from mining and infrastructure giants to agile SMEs, often face barriers such as: Limited access to local currencies Delayed or failed payment settlements Managing Pan African Payroll Difficulty repatriating funds High FX costs and regulatory hurdles IPT Africa's platform addresses these issues with same-day or next-day settlement, AI-driven compliance, and full transparency through a cloud-native dashboard designed for operational ease and peace of mind. 'Africa is closer than you think, when you have the right partner,' said Mark O Sullivan, CEO of IPT Africa. 'We're excited to collaborate with Canadian companies and the Chamber to drive real impact through reliable financial infrastructure and smart technology.' Distributed by APO Group on behalf of The Canada-Africa Chamber of Business. Media Contact: Adrian Ashton CMO, IPT Africa adrian@ About IPT Africa: IPT Africa is a leading B2B cross-border payment platform enabling collections, payments, and treasury solutions across Africa and emerging markets. With operations in 21+ African countries and support for 150+ global currencies, IPT Africa delivers real-time liquidity, compliance, and settlement solutions to help international companies scale faster and operate more efficiently across borders. Learn more at About the Canada-Africa Chamber of Business: The Canada-Africa Chamber of Business is a non-profit organization dedicated to accelerating trade, investment, and business partnerships between Canada and African markets. For over 30 years, the Chamber has been a platform for dialogue, policy engagement, and business matchmaking across sectors and borders. Learn more at Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
Zawya
17-05-2025
- Business
- Zawya
Uganda Participates in Africa Trade Consortium's 2025
The High Commission of the Republic of Uganda in Abuja proudly participated in the Africa Trade Consortium's 2025 Tea Break Édition event held under the theme: 'Unlocking Africa's Tea Industry Potential.' The event, organized by PR Times Africa, a Nigerian media consortium, was convened as a unique trade experience aimed at showcasing the immense potential of Africa's tea industry and promoting intra-African cooperation under the AfCFTA framework. Uganda was represented at the high-level engagement by Ambassador Philip Odida, Chargé d'Affaires, and Dr. Sam Omara, Minister-Counsellor at the High Commission. The event brought together a broad spectrum of participants, including stakeholders from trade, export, taxation, and investment policy sectors, as well as members of the diplomatic corps and representatives from Nigeria's federal agencies and the private sector. Ambassador Odida delivered a keynote presentation titled 'Uganda's Tea Industry: A Model for Sustainable Growth and Regional Trade.' In his remarks, the Ambassador highlighted Uganda's tea sector as one of the country's top foreign exchange earners and a prime example of sustainable agricultural practice and regional trade potential. He emphasized the importance of inter-African collaboration, calling for increased partnerships, joint ventures, and knowledge exchange to unlock the full potential of the continent's tea industry. 'We invite you, through the African Trade Consortium 2025, to reach out to experience the unique flavors and qualities of our tea. We believe that partnerships and collaborations remain key to growing our industry and are therefore, eager to explore opportunities with relevant stakeholders through this Consortium for boosting intra-African tea trade and promoting tea globally with the view to enhance market access and sustainability.' Ambassador Odida stated. Distributed by APO Group on behalf of The Republic of Uganda - Ministry of Foreign Affairs.
Arab News
06-05-2025
- Business
- Arab News
How Africa should negotiate with Trump
Trump's top priority in Africa is securing access to critical minerals (File/AFP) Short Url In a recent interview, Fox News anchor Bret Baier asked Felix Tshisekedi, the president of the Democratic Republic of the Congo, how his government would balance continued ties with the US — including the negotiation of a critical minerals deal — with its deepening relationship with China. Tshisekedi responded that China's influence is not so much 'waxing' in Africa, as America's influence is 'waning.' Tshisekedi is right. In 2000, the US was Africa's largest trading partner; today, China's total trade with Africa is more than four times larger than that of the US. Two US-Africa Leaders Summits have been held, in 2014 and 2022, and there is no date for a third, though Congress passed legislation late last year that would compel President Donald Trump to convene a summit this year and every two years thereafter. Meanwhile, China is preparing to convene its 10th summit with African leaders, through the Forum on China-Africa Cooperation, in 2027. A Gallup poll published last year showed that, for the first time, China's approval rating in Africa (58 percent) had surpassed that of the US (56 percent). Speaking to Baier, Tshisekedi pointed out that his country would be 'very happy' to see a renewed US commercial presence there. But Trump's trade policies could have the opposite outcome. And persistent reports that the Trump administration plans to reduce the number of US embassies and consulates in Africa will only add to this decline in influence. African Growth and Opportunity Act countries are scrambling to salvage their preferential access to the US market Vera Songwe and Witney Schneidman For the last 25 years, the cornerstone of America's commercial relationship with Africa has been the African Growth and Opportunity Act, a nonreciprocal trade agreement that allows more than 6,000 African products into the US without duties or quotas. Between 2001 and 2022, African members of the agreement exported more than $100 billion of goods to the US. The trade was always supposed to be one-way, but that does not mean it did not benefit US companies — such as Levi's, Gap and Walmart — and consumers. The African Growth and Opportunity Act was designed to help Africa transform its manufacturing base, thereby shifting the basis of its relationship with the US from aid to trade — a goal that one might expect the Trump administration, which has slashed foreign aid programs, to support. Participation was conditioned on African governments' promotion of political pluralism, good governance and economic liberalization. And studies have shown that trade with the US increases value-added production, labor productivity and labor demand in Africa. However, early last month, Trump introduced 'reciprocal' tariffs on many African countries, with some of the African Growth and Opportunity Act's strongest performers facing the highest rates: Lesotho (50 percent), Madagascar (47 percent) and Mauritius (40 percent). Meanwhile, the 17 African countries that are ineligible for the benefits of the act, mainly due to poor governance, were effectively rewarded with far lower tariffs. Trump suspended most of these tariffs almost immediately, opening a 90-day window to strike new trade deals. And, to some extent, he is getting what he wanted, with African Growth and Opportunity Act countries scrambling to salvage their preferential access to the US market. Lesotho, for example, granted Trump ally Elon Musk's Starlink a 10-year license to operate its satellite network in the country. Nonetheless, Trump's tariffs are unlikely to deliver quick wins for the US. Already, African trade ministers have agreed to fast-track policies that will promote trade within the continent, as well as to diversify exports to reduce their countries' dependence on particular foreign markets. Add to that the shuttering of the US Agency for International Development and the Millennium Challenge Corporation, the closure of Voice of America and the lapse of the President's Emergency Plan for AIDS Relief, and America's footprint in Africa is shrinking fast. But there is a way for Africa to leverage the US administration's interests to the benefit of both sides. Trump's top priority in Africa is securing access to critical minerals. This makes countries like the Democratic Republic of the Congo — which boasts the world's richest copper deposits and four of the world's five largest cobalt mines — as well as Gabon, Zambia, South Africa and even Chad, strategically important. The US is already in talks over a minerals deal with Kinshasa and others. African countries must do more to ensure that any critical minerals agreement provides a real boost to their economies Vera Songwe and Witney Schneidman The only problem is that China is far ahead of the US on this front. Chinese state-owned companies and banks control 80 percent of the Democratic Republic of the Congo's cobalt production and as much as 90 percent of the world's supply is refined in China, whereas the US produces less than 1 percent. This imbalance drove former US President Joe Biden's administration to develop the Lobito Corridor initiative, aimed at expanding the 800-mile rail line that extends from the Angolan port of Lobito on Africa's Atlantic coast through the mineral-rich Democratic Republic of the Congo to Zambia. This initiative — for which the Trump administration has signaled its support — will upgrade African infrastructure by establishing partnerships between the US, African governments, African-led financing agencies such as the Africa Finance Corporation and the EU. But African countries must do more to ensure that any critical minerals agreement provides a real boost to their economies, especially by insisting that some value-add production occurs on the continent. To complement access to Africa's critical minerals, the US should also commit to processing them and adding value on the continent — for example, making cobalt into battery precursors before export. Since Chinese companies have shown no interest in doing this, such an exchange would position the US as a more valuable partner, thereby ensuring its long-term access to these vital resources. Given that Africa has all the minerals needed for production, spread across more than 10 countries in Central and Southern Africa, the development of local processing capabilities would also be consistent with the goals of the African Continental Free Trade Area. Africa and the US are both seeking to strengthen their manufacturing sectors, but this is not a zero-sum game. On the contrary, by agreeing to help strengthen Africa's industrial capabilities, the US could gain greater access to resources that its own industry needs, reverse the decline of its commercial influence on the continent and contribute to the revival of wider, mutually beneficial trade. This could lead to more balanced current accounts, just as Trump desires. Vera Songwe, a former executive secretary of the Economic Commission for Africa and undersecretary-general at the UN, is a nonresident senior fellow at the Brookings Institution, Founder and Chair of the Liquidity and Sustainability Facility, and Co-Chair of the Expert Review on Debt, Nature and Climate. Witney Schneidman, a nonresident senior fellow at the Brookings Institution, was US Deputy Assistant Secretary of State for African Affairs during the Clinton administration. Copyright: Project Syndicate Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view
