Intra-Africa trade to top USD34bn by 2022

GOVERNMENT

|
Image: By BiztechAfrica
Intra-Africa trade to top USD34bn by 2022

The Economic Commission for Africa (ECA) says the establishment of a Continental Free Trade Area will result in intra-African trade topping USD34 billion by 2022.

The ECA says this would translate into real income gains of more than USD290 million.

The forecast was part of a report released on the sidelines of the African Union Summit of Heads of State.

The report was published jointly by the ECA, the African Union Commission and the African development Bank (AfDB).

Steven Karingi, Director of Regional Integration and Trade at the ECA, said regional integration had become a formidable instrument for sustaining current economic growth across Africa.

However, the report highlights a number of challenges in the way of trade integration; including poor trade-related infrastructure, burdensome customs and legal procedures and a lack of diverse production structures across most countries.

It said countries would have to look beyond short term losses in tariff revenue and commit huge financial resources to eliminating trade facilitation bottlenecks.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE GOVERNMENT NEWS

BVN fished out 40,000 ghost workers

Nigeria’s Minister of Industry, Trade and Investment says the Bank Verification Number introduced by the Central Bank of Nigeria has saved the Federal Government billions of naira. Read More

Kenya embraces online motor vehicle registration to fight corruption

In a bid to weed out corruption and increase efficiency in the road transport sector, the Kenyan government is set to unveil online vehicle registration. Read More

Botswana Post opens new money transfer corridors

BotswanaPost says it has launched another two money transfer routes – to Lesotho Postal Services and Swaziland Postal Services.   Read More

International Conference on the Internet on in Gaborone

The University of Botswana is hosting the First International Conference on the Internet, Cyber Security and Information Systems in Gaborone to the 20th May 2016 at The Gaborone International Convention Center (GICC).  Read More

Again, NCC’s 2.6GHz spectrum auctions fall through

The planned 2.6 gigahertz (GHz) spectrum auction scheduled by Nigerian Communications Commission (NCC) may have fallen through. Read More

Government rules out OTT regulation in Ghana

Ghana’s Deputy Minister of Communication, Ato Sarpong, has told key industry players in Accra that the government has no intention of regulating over-the-top operations in the country.  Read More

Rwanda, MasterCard collaborate on cashless society

The Government of Rwanda has announced a collaboration with MasterCard to fast-track the country’s move to include 90 percent of its citizens in the financial mainstream. Read More

Mobile spam: NCC reads riot act to telcos

Worried by a flurry of complaints, the Nigerian Communications Commission has warned mobile network operators to take decisive action to curb unsolicited text messages and calls to customers. Read More

NCC chief urges Fed Govt to relax forex policy

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has urged the Federal Government to consider relaxing its forex policy for telecommunications companies. Read More

No deal with MTN on fine, says ComTech minister

Nigeria’s Communications Technology Minister says no concrete deal has been sealed in respect of the fine imposed on MTN. Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

Government should encourage youths in ICT earlyGovernment should encourage youths in ICT early

Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.

Advertisement

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.