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Thursday, 09 February 2017

Nigeria begins negotiations on CFTA adoption

Preparatory to the 2017 establishment of a Continental Free Trade Area (CFTA) in Africa, Nigeria has commenced negotiations to facilitate the adoption of the trade deal after several months of lagging behind among other trade blocs. Indeed, three Regional Economic Communities (RECs)—the Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC) and Southern African Development Community (SADC)—had reached an agreement in 2015 to expedite the process towards the operationalization of the tripartite Free Trade Area by finalising outstanding issues. The AU had set a deadline of December 2017 for the adoption of the CFTA, though the Federal Government explained that the gruelling process of negotiations and adoption therefore, will depend on how much progress is made. Once concluded, the CFTA will enhance the movement of goods and services and boost trade facilitation within the 54-member bloc of the continent. Already, three regions had made a bold move to realise the African Union (AU) 2017 target ahead of the Economic Community of West African States (ECOWAS) region, which is still bedevilled by other trade issues.

Source: guardian.ng