Cabo Verde becomes 41st country to deposit the agreement establishing African Continental Free Trade Area

 

Cabo Verde became the 41st State Party to deposit the instrument of ratification of the Agreement Establishing the African Continental Free Trade Area (AfCFTA).

The instrument was delivered by Secretary of State of Foreign Affairs and Cooperation of Cabo Verde, Miryan Djamila Sena Vieira, and Ambassador of Cabo Verde in Nigeria and ECOWAS, Belarmino Silva. The Secretary-General of the AfCFTA Secretariat, Wamkele Mene expressed his delight and welcomed Cabo Verde for becoming as State Party.

To date, the Agreement Establishing the AfCFTA has been signed by 54 African Union Member States. 41 African member States are also State Parties to the Agreement by virtue of their deposits of the instruments of ratification of the Agreement, “demonstrating an unequivocal political will to achieve market integration in Africa”, according to a statement by AfCFTA.

USD 300 billion goal of African imports by China could put them on par with Latin America´s

Under the AfCFTA, African countries have collectively undertaken commitments to substantially liberalise all trade by eliminating tariffs on 97% of tariff lines – over a 13-year period from the start of implementation. So far, the AfCFTA Secretariat 44 countries representing 80% of African Union membership have submitted their tariff offers, with Algeria being the latest.

Regarding Trade in Services, so far, the Secretariat has received 46 initial offers submitted by State and non-State Parties, covering the five priority sectors, namely: Business, Communication, Financial, Tourism and Transport services sectors. On Trade in Services, there have been some progress in the implementation of the objectives of the Protocol on Trade in Services.

So far, the AfCFTA Secretariat has received 46 initial offers submitted by State and non-State Parties, covering the five priority sectors, namely: Business, Communication, Financial, Tourism and Transport services sectors. Some State and non-State Parties, namely members of CEMAC, EAC, and ECOWAS, have all presented consolidated offers as part of this process.

 

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