Africa trade news

Here are some recent trade news and developments from Africa:

Trade Agreements

  1. AfCFTA: The African Continental Free Trade Area (AfCFTA) agreement, which aims to create a single market for goods and services across Africa, has been ratified by 24 countries, including Nigeria, South Africa, and Egypt. The agreement is expected to boost intra-African trade and economic integration.
  2. EU-Africa Trade Agreement: The European Union and the African Union have agreed on a new trade agreement, which aims to increase trade and investment between the two regions. The agreement is expected to benefit African countries by increasing their access to European markets and reducing tariffs.

Trade Data

  1. Intra-African Trade: Intra-African trade has increased by 10% in 2020, according to the African Export-Import Bank (Afreximbank). The bank also reported that Africa's trade with the rest of the world increased by 5% in 2020.
  2. Africa's Trade with China: Africa's trade with China has increased by 15% in 2020, according to the African Development Bank (AfDB). China is now Africa's largest trading partner, accounting for 16% of Africa's total trade.

Trade Challenges

  1. Coronavirus Pandemic: The coronavirus pandemic has had a significant impact on Africa's trade, with many countries experiencing a decline in trade due to lockdowns, border closures, and supply chain disruptions.
  2. Infrastructure Challenges: Africa's infrastructure, including ports, roads, and railways, is often inadequate, which can lead to delays and increased costs for trade.
  3. Non-Tariff Barriers: Non-tariff barriers, such as customs procedures and regulatory requirements, can also hinder trade in Africa.

Trade Opportunities

  1. Agricultural Trade: Africa has a significant opportunity to increase its agricultural trade, particularly in areas such as cotton, coffee, and cocoa.
  2. Manufacturing Trade: Africa has a growing manufacturing sector, with many countries investing in industries such as textiles, automotive, and pharmaceuticals.
  3. Digital Trade: The rise of e-commerce and digital trade presents opportunities for African countries to increase their trade and economic integration.

Recent Trade Developments

  1. South Africa's Trade with the US: South Africa and the United States have agreed to increase trade and investment between the two countries, with a focus on areas such as automotive and aerospace.
  2. Egypt's Trade with the EU: Egypt has signed a trade agreement with the European Union, which aims to increase trade and investment between the two regions.
  3. Nigeria's Trade with China: Nigeria and China have agreed to increase trade and investment between the two countries, with a focus on areas such as infrastructure and manufacturing.

These are just a few examples of the many trade news and developments from Africa. If you're interested in learning more, I'd be happy to provide additional information or resources.