Tag Archives: Trade

North African countries yet to ratify free trade deal: AU


The African Union has challenged countries from North Africa to ratify the Africa Continental Free Trade Area agreement (AfCFTA), which is short of 4 ratifications to be operationalised.

The spokesperson in the office of the AUC chairperson, Ebba Kalondo tweeted her optimism ‘to have a North African country among the historic 22 ratifications that will effectively bring the AfCFTA into force’.

The African Union has made progress since July last year, when only Rwanda, Kenya, Chad, Niger, eSwatini (Swaziland) and Ghana had ratified the agreement that would create the largest trade zone in the world.

Kalondo and the Albert Muchanga, the Commissioner for Trade and Industry at AUC have been tweeting updates on several countries as…

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Cuba intends to expand facilities for foreign trade


 

 

HAVANA, Cuba–Cuba will develop an integrated digital platform this year in order to facilitate foreign trade operations, which will be linked to the simplification of procedures for the export and import of goods.

  The Single Window of Foreign Trade (VUCE by its Spanish acronym) will provide information and will allow managing, through electronic means, the required approvals for the entry and exit of the products.

  According to Vivian Herrera, an official in the Ministry of Foreign Trade and Foreign Investment, the implementation of VUCE will go through several phases due to its complexity and should be fully operational by the end of 2019.

  She added that the establishment of the window responds to the commitment to trade facilitation contracted by the Cuban government before…

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African Development Bank approves US$14.12 million to support Nigeria’s membership in African Trade Insurance (ATI)…


The African Development Bank Group, through its Trade Finance operations, has approved a US$14.12 million facility to support the Federal Republic of Nigeria’s membership in the African Trade Insurance Agency (ATI). This is a critical and mandatory step to enable ATI commence its operations in Nigeria. Nigeria, as Africa’s largest economy, joins 14 other African countries that have already signed up to ATI membership.

Once membership formalities in ATI are finalized, Nigeria could benefit from gross political and commercial risk insurance cover on total investments and trade amounting to over US$ 5 billion by 2020.  The catalytic effect of using limited financial resources in this way is undoubtedly massive.

The approved facility complements ongoing and planned interventions geared at…

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Cuba to expand facilities for foreign trade


Vivian Herrera, investment director at the ministry of foreign trade and foreign investment (MINVEX). ACN photo/ Marcelino VÁZQUEZ HERNÁNDEZ

HAVANA, Cuba (ACN) — Cuba will develop an integrated digital platform this year in order to facilitate foreign trade operations, which will be linked to the simplification of procedures for the export and import of goods.

The Single Window of Foreign Trade (VUCE by its Spanish acronym) will provide information and will allow managing, through electronic means, the required approvals for the entry and exit of the products.

According to Vivian Herrera, an official in the ministry of foreign trade and foreign investment, the implementation of VUCE will go through several phases due to its complexity and should be fully operational by…

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African countries are divided over ivory trade ahead of wildlife meeting


JOHANNESBURG — Several African countries with some of the world’s largest elephant populations will push this year for looser controls on legal ivory trade, while another group of countries on the continent says more restrictions are the best way to curb the illegal killing of elephants for their tusks.

The dueling proposals reflect divisions within Africa over how to safeguard a species that has been killed in massive numbers by poachers over the past decade and to what extent elephant parts, including ivory, skin and hair, can be sustainably traded as commodities. They pit southern African countries including Botswana and Zimbabwe that say commerce will help them pay to conserve elephants against Kenya, Gabon and others that believe even limited trade fuels demand and drives…

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Africa is divided over ivory trade ahead of wildlife meeting


JOHANNESBURG (AP) — Several African countries with some of the world’s largest elephant populations will push this year for looser controls on legal ivory trade, while another group of countries on the continent says more restrictions are the best way to curb the illegal killing of elephants for their tusks.

The dueling proposals reflect divisions within Africa over how to safeguard a species that has been killed in massive numbers by poachers over the past decade and to what extent elephant parts, including ivory, skin and hair, can be sustainably traded as commodities. They pit southern African countries including Botswana and Zimbabwe that say commerce will help them pay to conserve elephants against Kenya, Gabon and others that believe even limited trade fuels demand and drives up illegal…

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