Trade Agreement In Nigeria
- Posted on October 12, 2021
- in Uncategorized
- by admin
After the Kigali summit, more signatures were added to the AfCFTA. At the African Union summit in Nouakchott on 1 July 2018, five other nations, including South Africa, joined the agreement. Kenya and Ghana were the first nations to ratify the agreement and deposit their ratifications on 10 May 2018.  Of the signatories, 22 had to ratify the agreement in order for it to enter into force on 29 April 2019, when Sierra Leone and the Sahara Arab Democratic Republic ratified the agreement.  As a result, the agreement entered into force 30 days later, on May 30, 2019; At that time, only Benin, Nigeria and Eritrea had not yet signed. Outstanding issues, such as trade concessions and rules of origin, are still under negotiation. The African Continental Free Trade Area only entered into force when 22 of the signatory countries ratified the agreement, which happened in April 2019, when The Gambia became the 22nd country to ratify it.   By August 2020, there are 54 signatories, of which at least 30 have ratified and 28 have deposited their instruments of ratification.    The three countries that have ratified their ratifications but have not yet deposited are Cameroon, Angola and Somalia, although Morocco is also documented as ratified.   As of July 2019, 54 of the 55 African Union states had signed the agreement, with Eritrea being the only country not to sign it. Of these Member States, 27 have deposited their instruments of ratification.
  According to a 2014 study by the African Development Bank, only 16% of African countries` international trade takes place between African countries.