Latest news with #AfCFTA
IOL News
3 days ago
- Business
- IOL News
South Africa's role in the African Continental Free Trade Area: opportunities ahead
The Intra-Africa Trade Fair Roadshow that was held in Johannesburg recently. Image: Afreximbank South Africa is set to leverage the African Continental Free Trade Area (AfCFTA), reaffirming its commitment to harness its immense potential for driving local business growth and enhancing regional integration. This sentiment was echoed by Humphrey Nwugo, the Regional Director (Southern Africa) at Afreximbank, during the opening of the IATF2025 South Africa Business Roadshow in Johannesburg, where he urged the nation to spring into action. Nwugo said, 'This is the time for South Africa's public and private sectors to be strategically positioned to seize the immense opportunities that IATF2025 will present,' emphasising the need for immediate and decisive engagement. The Intra-African Trade Fair (IATF2025), scheduled to take place in Algiers from 4–10 September 2025, is anticipated to be a landmark event—providing a gateway to unprecedented trade and investment opportunities across the continent. Nwugo further outlined South Africa's integral role in African integration, praising its robust economic foundations, entrepreneurial dynamism, and institutional capacity, which place it in a prime position to entwine itself within African value chains. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Speaking on the event's significance, Wamkele Mene, Secretary General of the AfCFTA Secretariat, pointed to the pressing need for IATF2025 amid a backdrop of global instability and dynamic trade landscapes. 'Despite these headwinds, Africa has the capacity to navigate the challenges, accelerate industrial development, and realise the vision of a fully integrated continent.' Mene underscored the urgency of cultivating regional value chains in sectors such as automotive and agribusiness, where there is considerable scope for fostering inclusive growth. Sihle Zikalala, deputy minister of Public Works and Infrastructure, said South Africa's participation in the AfCFTA represents a historic opportunity to weave stronger economic ties with neighbouring nations. 'We view the AfCFTA as a catalyst for expanding market access for our goods and services while nurturing inclusive, job-rich growth,' Zikalala said. At the heart of this discourse was a vision that IATF2025 should transcend its role as merely a marketplace, transforming instead into a strategic tool for bolstering policy and practical integration. Zikalala said, 'through partnerships and public-private collaboration, we can develop world-class infrastructure across Africa while reducing our reliance on foreign exchange by trading in our own currencies.' Over 350 business leaders, policymakers, and investors convened at the Roadshow, contextualised under the theme: 'Harnessing Regional and Continental Value Chains: Accelerating Africa's Industrialisation and Global Competitiveness under the AfCFTA.' The event's agenda spotlighted strategies focused on enhancing resilient supply chains while amplifying intra-African trade—a critical element for unlocking tailored industrial opportunities across the continent. According to the South African Revenue Service (SARS) and UN COMTRADE, South Africa's robust trade activities recorded merchandise exports worth $110.5 billion against imports of $113.2 billion in 2023. Despite a modest trade deficit of $2.7 billion, trade constituted 65.7% of GDP, illuminating South Africa's deep-rooted integration within global markets. Afreximbank's 2024 African Trade Report highlighted that South Africa exported $29.6 billion to African partners while importing $9.6 billion, with intra-African exports making up 26.8% of the total exports.
Maroc
3 days ago
- Business
- Maroc
Morocco, CEMAC to Host Parliamentary Forum on Economic Cooperation in Laayoune
Laayoune is hosting, on Friday, the Parliamentary Forum on Economic Cooperation between Morocco and the Central African Economic and Monetary Community (CEMAC), held under the High Patronage of His Majesty King Mohammed VI. Organized by the House of Councillors and the CEMAC Parliament, in partnership with the General Confederation of Moroccan enterprises (CGEM), this Forum aims to establish an institutional platform for dialogue and exchange on the means of strengthening economic cooperation and developing trade exchange between the Kingdom and CEMAC member countries, the Upper House said in a press release. It also aims to promote the implementation of joint development projects and to contribute to Africa's economic integration momentum, as part of the implementation of the African Continental Free Trade Area Agreement (AfCFTA), the same source added. This forum reflects the enlightened vision of His Majesty King Mohammed VI for an effective and balanced South-South partnership, and for promising cooperation between the Kingdom and the countries of Central Africa, based on mutual interest and respect, and on economic complementarity. The event will be attended by high-level parliamentary delegations, private sector actors and employers' organizations from CEMAC member countries, alongside Moroccan officials and experts in economics, energy, climate and sustainable development. MAP: 16 June 2025
Zawya
3 days ago
- Business
- Zawya
South Africa Accelerates Drive to Expand Intra-African Trade through African Continental Free Trade Area (AfCFTA)
South Africa has reaffirmed its commitment to harnessing the African Continental Free Trade Area (AfCFTA) to unlock new growth opportunities for local businesses and strengthen regional integration. Opening the IATF2025 South Africa Business Roadshow in Johannesburg, Mr. Humphrey Nwugo, Regional Director (Southern Africa) at Afreximbank ( emphasised the urgency of mobilising concrete action. 'This is the time to ensure that South Africa's public and private sectors are not only present but strategically positioned to seize the immense opportunities that IATF2025 will present.' Mr. Nwugo underscored South Africa's pivotal role in the continent's integration journey, citing its strong economic foundations, entrepreneurial energy, and institutional capacity - well positioned to integrate into African value chains. 'We are here to invite South Africa to lead. We want to see the country's private sector on full display in Algiers,' he added. The Intra-African Trade Fair (IATF2025), set to take place in Algiers from 4–10 September 2025, is poised to be a landmark market event and gateway to unprecedented trade and investment prospects across Africa. E. Wamkele Mene, Secretary General of the AfCFTA Secretariat, highlighted the critical importance of IATF2025, taking place amid global instability, climate change, and shifting trade dynamics. 'Despite these headwinds, Africa has the capacity to navigate the challenges, accelerate industrial development, and realise the vision of a fully integrated continent,' he said. He stressed the urgency of building regional value chains in sectors like automotive and agribusiness, which offer vast potential for inclusive growth. Strengthening these interconnected ecosystems will support technology transfer, diversify intra-African trade, and create new opportunities for small and medium enterprises across the continent. Speaking at the event, the Honourable Sihle Zikalala, Deputy Minister of Public Works and Infrastructure, noted South Africa's strong positioning to drive industrialisation, innovation, and regional value chain development. 'South Africa views the AfCFTA as a historic opportunity to deepen economic ties with our neighbours, expand market access for our goods and services, and promote inclusive, job-rich growth,' said Minister Zikalala. 'The IATF2025 must be viewed as more than just a marketplace, and rather as a strategic tool for implementation, where policy meets practice. South Africa has a critical role to play in driving this vision, underpinned by entrepreneurial spirit, institutional strength, and a dynamic SMME ecosystem. Through partnerships and public-private collaboration, we can develop world-class infrastructure across Africa while reducing our reliance on foreign exchange by trading in our own currencies,' he added. H.E Ms. Baleka Mbete, founder NaLHISA and former Deputy President of the Republic of South Africa was also in attendance. The Roadshow convened over 350 business leaders, policymakers, creatives, and investors, as well as senior representatives from African Export-Import Bank (Afreximbank), the African Union Commission (AUC), and the AfCFTA Secretariat. Themed "Harnessing Regional and Continental Value Chains: Accelerating Africa's Industrialisation and Global Competitiveness under the AfCFTA," the event spotlighted strategies to build resilient supply chains and boost intra-African trade. Accelerating intra-African trade is pivotal to unlocking industrial opportunities tailored to the continent's strengths. It reduces dependence on external markets, builds economic resilience, and enables value addition within Africa. When African nations trade more with one another, they retain more wealth, create higher-quality jobs, and foster inclusive growth through regional value chains. With the AfCFTA creating a single market of 1.4 billion people, Africa gains the scale and efficiency needed to compete globally. A stronger internal market also improves the continent's bargaining power in international negotiations, strengthens its integration into global supply chains, and sets the stage for long-term economic transformation. South Africa's strong industrial base, advanced financial sector, and world-class infrastructure position it as a regional anchor for AfCFTA implementation. According to South African Revenue Service (SARS) and UN COMTRADE, South Africa recorded merchandise exports of $110.5 billion and imports of $113.2 billion in 2023, resulting in a modest trade deficit of $2.7 billion. Trade made up 65.7% of GDP (World Bank, 2023), demonstrating South Africa's deep integration into global markets. Notably, intra-African trade remained a national strength. As reported in Afreximbank's 2024 African Trade Report, South Africa exported $29.6 billion and imported $9.6 billion from African partners, with intra-African exports comprising 26.8% of total exports. Key sectors such as automotive, agro-processing, and financial services are already benefiting and poised to grow further through regional integration and value chain expansion. Dr. Gainmore Zanamwe, Director, Trade Facilitation and Investment Promotion, Afreximbank, highlighted ongoing efforts to enable seamless intro-Africa trade: 'Afreximbank is deeply committed to unlocking Africa's industrial and trade potential by building enabling ecosystems from financing to infrastructure and standards. Through platforms like the Africa Trade Gateway and Pan-African Payment and Settlement System (PAPSS), we are removing long-standing barriers to intra-African trade, allowing businesses to transact in local currencies and access real-time market intelligence.' Dr. Zanamwe also emphasised the growing role of South Africa and Algeria in regional value chains, especially in manufacturing and automotive sectors. He encouraged South African companies to participate actively in IATF2025, pointing to over $13 billion in EPC (Engineering, Procurement and Construction) contracts facilitated by Afreximbank. He also highlighted funding vehicles such as the Fund for Export Development in Africa (FEDA), the Africa Direct Investment Initiative, and the $2 billion Export Agriculture for Food Security programme. 'IATF2025 is not just an exhibition - it's a business gateway. With 2,000+ exhibitors, 35,000 visitors, and 140+ participating countries, we project over $44 billion in trade and investment deals. This is South Africa's opportunity to lead,' he said. In closing, H.E. Ambassador Ali Achoui, Algeria's Ambassador to South Africa, extended a warm invitation to South African businesses: 'Welcome to Algeria - a country with the third-largest GDP in Africa, no external debt, and ranked first in Africa and the Arab world in achieving the United Nations Sustainable Development Goals. We are proud to host IATF2025 and are committed to facilitating streamlined visa processes by reducing documentation requirements to ease access for all African participants.' Since 2018, IATF has secured more than $100 billion in trade deals, welcomed over 70,000 visitors, more than 4500 exhibitors and has become Africa's most influential trade and investment platform. The event will feature: A trade exhibition The Creative Africa Nexus (CANEX) showcase of fashion, music, film, sports, gastronomy, arts and craft, and literature A four-day Trade and Investment Forum The Africa Automotive Show Special Country Days and Global Africa Day celebrations B2B and B2G matchmaking The AU Youth Start-Up programme The Africa Research&Innovation Hub AfSNET to promote sub-national trade and cultural exchange IATF virtual. To register for IATF2025 or learn more, please visit: Distributed by APO Group on behalf of Afreximbank. Media Contact: media@ press@ About the Intra-African Trade Fair: Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the Intra-African Trade Fair (IATF) is designed to boost intra-African trade and investment. It provides a unique platform for businesses to connect, exchange trade and market information, and explore opportunities to scale across Africa. IATF is open to African and global companies committed to supporting the continent's industrialisation and transformation. About The Johannesburg Tourism Company (JTC): JTC, the official sponsor of the IATF2025 South Africa Business Roadshow, is focused on promoting Johannesburg as a business and leisure destination and often supports various events within the city.
Zawya
3 days ago
- Business
- Zawya
Nigeria: Take advantage of AfCFTA to expand your business — NEPC charges exporters
The Nigerian Export Promotion Council (NEPC) has urged Small and Medium Enterprises (SMEs) to take advantage of the African Continental Free Trade Area (AfCFTA) to expand their export business, saying the agreement holds the potential to drive unprecedented economic growth. The Executive Director of NEPC, Mrs Nonye Ayeni, made the call during a one-day workshop on positioning SMEs to leverage AfCFTA, held in Akure, the Ondo State capital. She said the development would not only add value to local products and services but also reduce overdependence on imports. Ayeni, who was represented, said embracing AfCFTA would also increase healthy competitiveness through improved processing, packaging, and branding—factors she noted would boost local production. She stated that the workshop, themed 'Positioning of SMEs to Leverage on AfCFTA', was designed to equip exporters with the necessary knowledge and guidance to access business expansion opportunities and learn from a wider community of exporters. 'The essence of this programme is to sensitize exporters in Ondo State and its environs on the need to prepare themselves, and we as a council have the statutory mandate to position them to take advantage of this trade agreement. 'The AfCFTA agreement made the easy movement of people and goods across the African continent with lesser barriers in terms of tariffs because with AfCFTA, there's less tariff to be paid or no tariff in some instances. 'We are also putting them in conditions to know the criteria that is necessary for export to meet for Africa, Asia, and Europe. There are some criteria they need to meet in terms of how they prepare their products, standardization, quality, marketing, and even finance. 'Those are the kinds of programmes we've been able to package for exporters in Ondo State to benefit from.' Speaking further on the benefits of the initiative, she said:'With AfCFTA, Nigeria will be able to have a larger market for them to be able to export Nigerian products and in doing this, local industries will come up and a lot of jobs will be created. So there's a lot of potential for Nigeria and benefit for Nigeria to key into AfCFTA.' The NEPC State Coordinator, Mrs Iyabode Abe, explained that the workshop was also intended to provide a comprehensive overview of AfCFTA and expose SMEs to the guidelines for import and export processes within one of the world's emerging largest markets — Africa. Abe said, 'Understanding the procedures, regulations, and compliance requirements of the AfCFTA are crucial for any exporter seeking to enter or expand their market share within Africa. 'It is, therefore, essential that we equip ourselves with the necessary knowledge and insights to ensure smooth and successful trade operations. 'This workshop aims to demystify the AfCFTA processes and provide you with practical guidance on how to meet the requirements for exporting. 'We will explore the key regulations, documentation, and procedures that Nigerian exporters must adhere to in order to gain market access and thrive in this competitive environment.' One of the participants, Babatunde Fatimero, thanked NEPC and the Federal Government for the initiative and the opportunity to understand the wider African trade environment. 'We just want to thank them and appeal to them not to leave us alone, but to continue guiding and encouraging us to key into this great initiative,' he said. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
7 days ago
- Business
- Zawya
Afreximbank: 2025 Annual General Meeting - AFRICA24 Deploys Exceptional Coverage
From June 25 to 28, 2025, in Abuja (Nigeria), Afreximbank (the African Export-Import Bank), a leading financial institution on the continent, will hold its 32nd Annual Meetings. This high-profile event will be broadcast live and in full on all AFRICA24 platforms ( This prestigious gathering will bring together Heads of State, top global decision-makers, ministers, leaders of financial institutions, private sector stakeholders, experts, and entrepreneurs to engage in dialogue on major issues related to intra-African trade financing, industrialization, the AfCFTA, South-South partnerships, and the structural transformation of the continent. In a global context marked by profound economic and geopolitical shifts, Afreximbank's Annual Meetings provide Africa with a unique strategic platform to strengthen its economic sovereignty and boost continental cooperation. 360° Multilingual and Digital Audiovisual Coverage To make the decisions and discussions shaping the future of African trade accessible to all, the AFRICA24 Group is deploying an exceptional editorial system featuring: Live broadcasts of plenary sessions, panels, and official speeches Exclusive interviews with key political and economic decision-makers present in Abuja Immersive reports on continental trends and innovations led by African stakeholders In-depth analysis of key issues from top experts Exclusive digital content available on MyAfrica24, the first HD streaming platform dedicated to Africa (available on Google Play) Tune in on myafrica24 app (Google Play), AFRICA24 in French (Channel 170), and AFRICA24 English (Channel 176) on the Canal+Afrique bouquet. With the AFRICA24 Group: Together, Let's Transform Africa Distributed by APO Group on behalf of AFRICA24 Group. Contact: Communications Department – AFRICA24 Group Gaëlle Stella Oyono Email: onana@ Phone: +237 694 90 99 88 Social Media: @ africa24tv Website:
