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Publicado en Sep 22, 2021

Ghana Free Trade Agreements

The signing of the framework protocol does not immediately create a free trade area. Countries have not yet concluded negotiations on protocols on trade in goods and services, intellectual property rights, investment and competition. The free trade area will not unravel the “good work” of Africa`s regional economic communities, including to facilitate regional trade liberalization and integration in Africa, Songwe said. Instead, it will allow regional economic blocs with a high degree of integration to maintain this level. Describes the bilateral and multilateral trade agreements in which this country participates, including with the United States. Contains websites and other resources for U.S. companies to get more information on how to use these agreements. Between 2012 and 2014, more than 75% of the continent`s exports were raw materials; Yet less than 40% of intra-African trade has been extractive during the same period, according to the African Union (AU), unders highlighting the need to boost intra-continent trade. As a free trade area, Member States have united and agreed not to impose tariffs, quotas and other barriers to trade on goods and services. The agreement is expected to expand markets and diversify exports, especially industrial goods. According to the American think tank Brookings Institute, intra-African trade is close to 14%, while the share of industrial goods in the rest of the world is 18%.

Trade between Asian countries is much higher (59%) and even higher among European countries (69%). The hope is that the African Free Trade Area will boost trade by 52% across the continent by 2022. The African Continental Free Trade Area (AfCFTA) [9] is a free trade area that has 28 countries as of 2018. [1] [10] [11] [12] It was created by the African Continental Free Trade Agreement between 54 of the 55 nations of the African Union. [13] The free trade area is the largest in the world in terms of the number of participating countries since the creation of the World Trade Organization. [14] Accra, Ghana, is the secretariat of the AFCFTA and was mandated in Accra on August 18, 2020 by the President of Ghana, His Excellency Nana Addo Dankwa Akuffo Addo Addo, in Accra and handed over to the AU. In 1963, the Organization for African Unity (OAU) was established by the independent States of Africa. The objective of the OAU was to promote cooperation among African States. The Lagos Plan of Action of 1980 was adopted by the Organization. The plan suggested that Africa minimize its dependence on the West by promoting intra-African trade. This began with the establishment of a number of regional cooperation organizations in the different regions of Africa, such as. B the Southern African Development Coordination Conference.

This eventually led in 1991 to the Abuja Treaty, which founded the African Economic Community, an organization that encouraged the development of free trade areas, unions, an African central bank and a common African monetary union. [21] [22] “This is essential given that services account for about 60% of Africa`s GDP and that, for example, in 2014, services accounted for 30% of world trade. . . .