Afcfta Agreement Ratification

The federal government has announced that it has ratified Nigeria`s accession to the African Continental Free Trade Area (AfCFTA) by the December 5, 2020 deadline. The agreement will enter into force on January 1, 2021. “If a country ratifies the agreement, the country says that we are ready to apply the rules of the agreement, we are ready to respect the commitments stipulated in the agreement. Ratification is the measure of formal signing or approval of a treaty, contract or agreement under ordinary legislative procedure, making it valid for official purposes. “The Committee executed the implementation strategy to take full advantage of the agreement,” he said. The SAfCFTA secretariat is responsible for coordinating the implementation of the agreement and is an autonomous body within the AU system. Although it has an independent legal personality, it will work closely with the AU Commission and receive its AU budget. The Council of Ministers responsible for trade will decide on the headquarters, structure, role and responsibilities. [35] The African Union Assembly of Heads of State and Government is the highest decision-making body. It will probably meet during the AU summit. [39] The Council of Trade Ministers provides strategic trade oversight and ensures the effective implementation and implementation of the AfCFTA agreement.

[39] Addis Ababa, November 8, 2020, ECA — The African Continental Free Trade Agreement (AfCFTA) is awaiting several ratifications from member countries after Angola filed its ratification instrument with the African Union last week. Trade Minister Niyi Adebayo said on Monday that Nigeria was in the process of securing ratification of the Agreement on the Continental Free Trade Area (AfCFTA). In March 2018, three separate agreements were signed at the 10th African Union extraordinary meeting on AfCFTA: the African Continental Free Trade Agreement, the Kigali Declaration; and the protocol on the free movement of people. The Protocol on the Free Movement of Persons aims to create a visa-free zone within AfCFTA countries and to support the creation of the African Union passport. [27] At the Kigali Summit on 21 March 2018, 44 countries signed the AfCFTA, 47 signed the Kigali Declaration and 30 signed the protocol on the free movement of persons. Although a success, there were two remarkable holdouts: Nigeria and South Africa, the two largest economies in Africa. [28] [39] [30] Through its Centre for African Trade Policy, the Court cooperated with the AUC and member states to deepen Africa`s trade integration and effectively implement the agreement through the representation of political interests and national strategy. The Court also cooperates closely with the International Trade Centre (ITC), the United Nations Conference on Trade and Development (UNCTAD) and a selection of independent trade experts, with financial support from the European Union (EU), to support the implementation of AfCFTA across the continent.

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