African countries create largest free trade area since
March 21 (UPI) -- The leaders of 44 African countries signed a historic trade agreement Wednesday to create the largest free trade area since the creation of the World Trade Organization in 1995.
The countries signed the African Continental Free Trade Area agreement during the 10th Extraordinary Session of African Union Heads of State in Kigali, Rwanda. Ten African Union countries, including Nigeria, refused to sign the deal.
The agreement eliminates certain barriers to trade, including tariffs and import quotas, in order to boost commerce and the economy. Each of the signed countries would need to ratify the deal before the bloc is formally created.
"This agreement is about trade in goods and services. These are the kinds of complex products that drive high income economies," AU President Paul Kagame said.
Nigerian President Muhammadu Buhari didn't attend the session and analysts speculated perhaps he didn't signed the agreement because of union worries it would harm the country's economy.
"If Nigeria does not join, it will have an impact definitely. Nigeria is 190 million population country, it's a large economy. So we hope that Nigeria will not pull out of it," analyst Alpha Sy told AfricaNews.com.
"Nigeria had already been part of the process of building it, we think it's just maybe one step back that they are taking to review," Sy added.
AU commission head Moussa Faki Mahamat called the deal a "glorious challenge ... which calls for the courage to believe, the courage to dare ... the courage to achieve."
Mena: It is a very good news that 44 African countries created a free trade area that will allow them to increase their trade and build their industry, service and financial sectors. China is building a lot of factory in Ethiopia transforming Ethiopia into a manufacturing center. I dont know why Nigeria the most populous African country and South Africa the number one African economy didnt join the free trade area. I hope they join in the future. African Union ten extraordinary session. https://www.youtube.com/watch?time_continue=51&v=aqxdcXd2xBE
Tukuler Member # 19944
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Gd bless Africa.
Man make leadership responsible.
lamin Member # 5777
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Putting the cart before the horse just for show as usual. What was needed in the announcements first should have been plans for a single currency and central bank--then a supranational parliament. Free movement of labor? Would that be allowed?
Have no idea why Nigeria and South Africa didn't sign up. Maybe they just want to be independently corrupt, irresponsible, shameless, and negligent.
God bless Africa? It's time.
lamin Member # 5777
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There's ECOWAS for West Africa, but it's mostly a paper document. Too much ignorance, corruption, and negligence to make it work. By now there should have been a West African passport, a single currency, free movement of labor--instead of shameful money shakedowns when moving from one country to another--and a visible West African parliament. Just stupid talk back and forth by lazy and corrupt officials.
Tukuler Member # 19944
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Nigeria and South Africa are pretty well developed. They both have space programs right? They would probably not get as much out of it as the underdeveloped countries.
We must criticize our leadership and take on the life threatening responsibility to make them responsible but we must also give them a little due when it's due.
Considering the millennia old West Sahel & 'Western Sudan' migrant laborer export to the north and militant Islamist terrorist threat I can understand some hesitancy over open borders.
Also how do you work single currency between nations of vastly different GDPs as Nigeria compared to the rest of W&C Afr?
Do you think Diop's Federated State book is still valuable and if so do you think anybody bothered consulting it?
lamin Member # 5777
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@Tukuler
Positive things first. Diop's book is still valuable--of course.
Nigeria with a Space Program? Really? Be serious now. The damn country doesn't even have an airline. South Africa? Offer provable details. if so, it must have started with Zuma. Zuma? Very corrupt, stuck in the very Chaka Zulu past--for his own greedy and selfish reasons. Thus I doubt that Zuma would havs set aside money for some Space Program.
Germany is the big European economic power house of the EU, but the EU also contains poor countries like Portugal and Greece--and Kosovo is almost through the door now.
The key thing is to have a single currency with HEFT. Not the shameful $1.00 to 340 Naira as is the case of Nigeria or 500 CFA. The CFA is used by the cowardly, stupid, servile and corrupt officials of the ex-French territories in West and Central Africa. These fools allow punks like Sarkozy(betrayer of Ghadaffi and being questioned for accepting Libyan money) and Macron to control the life-blood of their populaces. With a more valuable currency, the daily flight across the Sahara to live in the white man's lands of milk and honey will stop.
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