Africa-wide free trade deal to initially benefit bigger countries 🔒
The key implementer of Africa’s free trade agreement, which seeks to establish a single market for goods and services on the continent, says the pact will initially benefit mostly relatively wealthy nations with a strong industrial base such as SA and Nigeria.
Wamkele Mene, who heads the AfCFTA’s Ghana-based secretariat, said in an interview this week that in a bid to cushion the smaller countries that may suffer short-term losses as a result of the reduction or the elimination of tariffs, the AfCFTA, together with the African Export-Import Bank , a multilateral trade finance institution, recently established an adjustment fund with a seed amount of $1.2bn...
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