African Free Trade Agreements

Yulia Vnukova advises the World Bank in the Department of Trade and Regional Integration (ETIRI). Based on more than a decade of experience, Yulia`s current work focuses on trade policy and regional integration, focusing on macroeconomic and microeconomic analyses of trade, trade and sectoral competitiveness, global value chains and private sector development in emerging countries in Europe, Asia and Africa. A third question is how to conduct future trade negotiations with third parties. Faced with the consequences of a possible exit from the African Growth and Opportunity Act (AGOA) in 2025, Kenya has already begun negotiations for a free trade agreement with the United States. The UK, which wants to conclude new trade deals after leaving the European Union, is also moving closer to a number of countries in the region. Kenya-U.S. The free trade agreement was particularly controversial, but perhaps wrongly: in principle, it does not prevent East African countries from negotiating with third parties. However, for the reasons outlined above with respect to the rules of origin, it is preferable to avoid totally different approaches in negotiations with third parties. Forty-four African countries have recently signed a Framework Protocol for the Continental Free Trade Area (AfCFTA) that brings the continent closer to becoming one of the largest free trade zones in the world. The Continental Free Trade Area (AfCFTA) [9] is a free trade area with 28 countries from 2018. [1] [10] [11] [12] It was created by the African Free Trade Agreement between 54 of the 55 african union nations.

[13] The free trade area is the largest in the world, in terms of the number of participating countries since the creation of the World Trade Organization. [14] Accra, Ghana, is the secretariat of AFCFTA and was commissioned by Ghanaian President Nana Addo Dankwa Akuffo Addo on 18 August 2020 in Accra and handed over to the AU. One of the great advantages for the AfCFTA region will be the removal of trade barriers between Kenya and Ethiopia, the two largest economies in East Africa.