Intra-Africa trade to top USD34bn by 2022
BUSINESS| July 22, 2012, 12:14 p.m.
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.
MORE BUSINESS NEWS
Travelport, TTS sign reseller agreement for Africa, Middle East and Asia Pacific regionTravelport and TTS have signed a sales and distribution agreement for TTS products in the Africa, Middle East, and Asia Pacific regions. Read More
Airbnb to expand further across AfricaAirbnb, the world’s leading community-driven hospitality company, announced that its CEO, Brian Chesky will attend GES 2015 to meet with entrepreneurs from around the world and explore the sharing economy’s impact and expansion, particularly on the African continent - which represents a huge opportunity for the company. Read More
What African entrepreneurs wantOn the eve of U.S. President Barack Obama’s visit to Kenya for the Global Entrepreneurship Summit, GeoPoll, the Global Entrepreneurship Network, and the U.S. State Department have released a survey of 1,000 business owners throughout sub-Saharan Africa on entrepreneurship in their countries. Read More
ISON eyes 25,000 jobs, $400m in NigeriaISON Group has projected the creation of 25,000 new jobs and $400 million revenue within space of one or two years in Nigeria. Read More
NEC invests in XON to accelerate regional African growthNEC Europe, a wholly owned subsidiary of NEC Corporation, has invested in XON, the sub-Sahara African ICT group, and the two organisations will have an integrated market approach that will combine their local expertise in the region to provide greater sales coverage in the sub-Sahara African market. Read More
Orange, Airtel in talks on acquisitionsOrange and Bharti Airtel International (Netherlands) BV, have entered into an exclusive agreement to explore the possible acquisition by Orange of four Airtel subsidiaries. Read More
Equitel seeks a share of Kenya’s lucrative telco marketEquity Bank’s subsidiary, Finserve Africa, has launched Equitel, a new mobile payment and banking platform for its customers, which officially brings to the fore the convergence between mobile and banking services in Kenya. Read More
Kenya to host global entrepreneurship forumKenya has captured global attention following the imminent entrepreneurship forum to be graced by US President Barack Obama. Read More
MTN Group appoints new CEO for SA operationMTN Group today announced the appointment of Mteto Nyati as MTN SA CEO, effective 13 July 2015. Read More
CA Technologies: most businesses software-driven in 36 monthsSpeed, time-to-market and time-to-decision are among the most critical competitive differentiators to compete and win in the application economy, says a new CA study. Read More
FEATURED STORYBatswana dragging feet in digital migration
More than a month after the deadline for the digital migration from analogue television, few people have shown any pronounced enthusiasm in entering the new digital TV realm.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.