Latest news with #AfricanContinentalFreeTradeAgreement
Zawya
4 days ago
- Business
- Zawya
The Economic Community of West African States (ECOWAS) Launches Regional E-Commerce Committee to Accelerate Digital Trade Integration
The Economic Community of West African States (ECOWAS) has officially launched the Regional E-Commerce Committee, marking another milestone in the implementation of the ECOWAS Regional E-Commerce Strategy (2023–2027) on Wednesday July 16th, 2025, in Lagos, Nigeria. The launch was immediately followed by the Committee's first meeting, which brought together representatives from Member States and Community institutions. In his opening remarks during the launch ceremony, Dr. Tony Luka Elumelu, the Acting Director of Private Sector, ECOWAS Commission highlighted the private sector as both a key driver and beneficiary of digital transformation. He stressed the significance of e-commerce in unlocking opportunities under African Continental Free Trade Agreement and called for robust implementation of digital reforms. He described the establishment of the Regional E-Commerce Committee as pivotal to fostering private-sector-led digital economies. Madam Sally Koroma, the representative of the Ministry of Trade and Industry of the Republic of Sierra Leone and Chair of the Meeting emphasized the potential of e-commerce to boost inclusive growth. She highlighted the importance of harmonized regulations, secure infrastructure, digital literacy, and tailored financing to unlock the full benefits of digital trade. She commended the ECOWAS E-Commerce Strategy as critical to addressing these barriers and called for collective action among Member States, development partners, and the private sector to move from ambition to implementation, and build an inclusive, gender-responsive digital economy. In his goodwill message, Mr. Pedro Manuel Moreno, Deputy Secretary-General of the United Nations Trade and Development (UNCTAD) congratulated ECOWAS on its 50th anniversary, marking five decades of regional cooperation. He celebrated the adoption of the ECOWAS Regional E-Commerce Strategy and highlighted the role of digitalisation in realizing ECOWAS Vision 2050. He reaffirmed UNCTAD's commitment to support digital reform, encourage inclusive digital ecosystems, and advance women's economic empowerment within the region. He closed with a call to action to make e-commerce a driver of prosperity, innovation, and regional unity. In the keynote address, on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade of the ECOWAS Commission, underscored the significance of the launch of the Regional E-Commerce Committee during the 50th Anniversary celebrations of ECOWAS, noting the progress that had been made in advancing regional integration and the opportunities that lay ahead through digitalisation. He emphasized that the Committee would serve as a platform for implementing strategic goals, aligning policies, and accelerating digital trade across borders. Mr. Sofola called for continued collaboration across all stakeholders to realise the Strategy's vision of an inclusive and sustainable digital future for West Africa. Finally, he declared the ECOWAS Regional E-Commerce Committee launched. The newly established Committee is a central feature of the governance framework outlined in the ECOWAS E-Commerce Strategy, which was adopted by the ECOWAS Council of Ministers in July 2023. It is designed to steer the implementation of digital trade reforms, foster inter-institutional coordination, and promote inclusive participation across the region, particularly of women, youth, and MSMEs. The launch and first meeting were attended by representatives of the Ministries responsible for Trade from ECOWAS Member States and the internal working group on e-commerce, consisting of key directorates and agencies of the ECOWAS Commission. Prior to the launch, the internal working group on e-commerce received a training on the e-Trade Reform Tracker, a tool for monitoring implementation of the E-Commerce Strategy. Both activities were supported by the UNCTAD and the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank. The meeting considered the overview of the ECOWAS E-Commerce Strategy, continental and regional digital initiatives as well as key initiatives from Member States in advancing e-commerce. The meeting concluded with the adoption of the terms of reference for the Committee and a call for continued collaboration among ECOWAS Member States to promote implementation of the E-Commerce Strategy. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
Middle East
13-07-2025
- Business
- Middle East
OPEN// FM says Sisi's participation in AU summit reflects Egypt's commitment to Africa
MALABO, July 13 (MENA) - Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty stressed that President Abdel Fattah El Sisi's participation in the African Union's (AU) mid-year coordination summit underscores Egypt's commitment to strengthening ties with the continent. In statements to Nile TV on Saturday evening, Abdelatty said the President's attendance highlights the priority Egypt places for fostering inter-African relations and enhancing cooperation with its brothers across the continent. He said the current AU session is of special significance as it focuses on regional integration, a critical issue following the enactment of the African Continental Free Trade Agreement (AfCFTA). Egypt is working hard to leverage this agreement to boost intra-African trade and advance regional integration, he added. Abdelatty said President Sisi will deliver two speeches at the summit, one in his capacity as the chair of the NEPAD Heads of State and Government Steering Committee and the other in his capacity as the head of the North African Regional Capability. Sisi will review Egypt's efforts over the past two years to mobilize funding for implementing the AU's Agenda 2063 and advancing regional integration. The top diplomat said President Sisi's visit includes planned meetings with several African leaders as part of Egypt's keenness on deepening political, economic, and trade relations with the African continent. Abdelatty highlighted several mechanisms launched under Sisi's directives to bolster pan-African cooperation, including doubling the budget of the Egyptian Agency of Partnership for Development (EAPD), enacting a $100 million financing mechanism for water and development projects in the Nile Basin and establishing the Egyptian Export Credit Guarantee Agency for Africa. Abdelatty reiterated Egypt's ongoing mediation efforts in coordination with Qatar, including almost-daily contact with US envoy Stephen Wittkoff and Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani. He said President Sisi has directed intensified efforts to finalize a ceasefire agreement, a long-awaited step to spare Palestinian lives. Negotiations are now at an advanced stage, but greater Israeli flexibility and political will are needed, Abdelatty said. Once a ceasefire is achieved, Cairo's international conference on early recovery and reconstruction in Gaza will take place, he added. (MENA) S R E
TimesLIVE
30-05-2025
- Automotive
- TimesLIVE
Nissan's struggles open door for Chinese carmakers in SA
Chery SA CEO Tony Liu said the Chinese automaker is exploring all available avenues to establish its first production facility in the country. Liu was responding to a question from TimesLIVE Motoring about whether an established plant, such as the Nissan Rosslyn operation whose future is under doubt, might be of interest. News agency Reuters reported in May that Japanese manufacturer Nissan was considering global plant closures, potentially including shutting the doors of its Tshwane facility. 'SA boasts a proud legacy of local vehicle manufacturing, and Chery is committed to strengthening the industry for generations to come. This would also allow us to enhance our contribution to local communities,' he said. According to Liu, the brand's outlook features two potential pathways: partnering with an existing manufacturer to 'help address current production gaps' or set up its own, dedicated manufacturing plant, realising the 'full production capabilities' of Chery. The CEO said the manufacturer's customer base, which grew to 55,000 over the three years since market re-entry, represents critical mass that has justified a feasibility study to assess how local manufacturing could support its long-term volume aspirations. 'Beyond market size, SA being the largest new car market in Sub-Saharan Africa, Chery recognises SA's role as a gateway into Africa through initiatives such as the African Continental Free Trade Agreement.' Liu said local manufacturing would also enable contribution to the domestic supply chain, with commitment to broad-based black Economic empowerment requirements. Meanwhile, Nissan SA representatives have countered the notion that the Rosslyn plant is on borrowed time. 'Nissan wants to clarify the news is not based on any official information of the company,' said head of communications Ramy Mohareb. 'At this stage we are not able to inform you which plants will be affected. Our focus remains on our operations and the dedicated workforce that drives our success,' he told TimesLIVE Motoring. The Rosslyn plant employs 1,080 people and has been operational since 1966. Mohareb was unable to comment on the facility's output, or elaborate on plans to sustain its business and protect local jobs and retailers. In 2024 the brand's top-selling NP200 half-tonne bakkie, produced at Rosslyn, was discontinued. The plant only produces the one-tonne Navara. A well-placed industry insider, speaking on condition of anonymity, expressed the view that Nissan SA, in its present guise, would struggle to find longevity. 'The key to being a successful manufacturer in SA is sufficient export volume, which Nissan never had. The best-selling SA cars and light commercial vehicles only manage about 25,000 units per year, insufficient for competitive manufacturing. This needs to be complemented with a proper export programme to reach a viable volume,' the source said. 'Toyota, BMW, Mercedes-Benz, Volkswagen and Ford have the programmes but Nissan, with a few thousand Navara exports into Africa, aren't close. Getting there is a parent company decision. The SA factory needs to be part of the global supply chain, not a local market factory with a handful of exports to small regional markets.' According to the insider, the peak of Nissan SA's sales dates as far back as the period of 1976 to 1978 when it was the leading manufacturer in SA. 'Its most successful models included the original Datsun 1200s and the B120/140 bakkie, the original Datsun 1600s and the Skylines. The first Maxima and Primera were great cars but not quite the sellers they should have been. On the bakkie side, the Hardbody took the fight to the Hilux, but this faded as the last Hardbody's life was extended, ultimately a life of more than 20 years.' 'In my view, Nissan's product offering didn't keep up with the changing demands of the SA buyer. As the market evolved, moving from sedans to SUVs and crossovers, Nissan's range reduced significantly and the individual products were less competitive within their respective segments.' Mikel Mabasa, CEO of Naamsa, the national automotive business council, said the organisation was waiting for Nissan SA to provide an outline of its local plans. He said Naamsa was concerned by media reports casting doubt over the brand's future in SA. 'Any [possible] closure is not something we take lightly. We have a lot of people employed through such plants, not only those on the production line, but the value chain, including those who support the plant with components. If Nissan decides to discontinue operations, we will activate discussions with them directly, understanding their position and identifying how we can support the future of the facility,' Mabasa said. 'Naamsa will be at the forefront in working with partners to see what can be done to safeguard the plant for future operations,' he said, referencing the 2017 disinvestment of General Motors, where similar conversations were had. 'Isuzu was able to raise their hand and the Gqeberha plant was saved.' Separately, Mabasa confirmed Naamsa had been in discussions with brands who are importers, eyeing SA as a destination for manufacturing operations. He said Naamsa welcomed intentions for new operations by brands, whether it involves repurposing existing plants or establishing a greenfield investment from the ground up. Spokesperson for the department of trade, industry and competition, Bongani Lukhele, said Nissan had not provided formal communications on the issue, and the department was therefore not in a position to respond to queries.
Egypt Today
21-05-2025
- Business
- Egypt Today
FM affirms Egypt's commitment to stronger ties with Malawi
CAIRO – 21 May 2015: Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty met with Malawi's Foreign Minister Nancy Tembo in Brussels on the sidelines of the Africa–EU Ministerial Meeting. During the talks, Abdelatty reaffirmed Egypt's interest in expanding cooperation with Malawi in areas including development, health, and transport, according to a press release by the foreign ministry. He confirmed Egypt's readiness to support Malawi's national plans through capacity-building programs run by the Egyptian Agency for Partnership for Development, as well as through joint development projects involving Egyptian public and private sector entities. The top diplomat also proposed increased cooperation in healthcare and transport and encouraged stronger trade ties through the COMESA framework and the African Continental Free Trade Agreement. Additionally, Abdelatty stressed the importance of continued consultation on African priorities and the need for unified African positions on global issues.
Business Insider
21-05-2025
- Business
- Business Insider
Top 10 African countries with the lowest diesel prices in May 2025
A few African countries, currently, are benefiting from relatively low diesel prices, an increasingly unusual occurrence on a continent where fuel costs have skyrocketed owing to several external and internal economic factors. Business Insider Africa presents the top 10 African countries with the lowest diesel prices in May 2025. This list is courtesy of data from GlobalPetrolPrices. Libya ranks at the top of the list. In Africa, low diesel costs not only provide short-term economic comfort but also position several countries on the continent for longer-term growth and competitiveness in critical industries. Countries with low diesel costs, such as Algeria and Angola, are seeing substantial gains in the transportation and logistics sectors. Diesel as a major fuel source is used by heavy-duty vehicles, public transportation buses, and haulage trucks. When the cost of diesel is low, it helps reduce the prices of commodities carried great distances, increases commerce, cuts inflation, and makes items more affordable to consumers. In nations where informal markets and inter-city commerce are important, low-cost diesel keeps supply chains running and decreases delivery delays, making local economies more productive and accessible. Diesel is widely employed throughout Africa's sectors, notably in manufacturing, mining, and construction. Countries that can maintain low fuel costs provide their industrial sectors a competitive advantage. These enterprises may produce items at reduced prices, attract more foreign investment, and compete more effectively in regional marketplaces such as the African Continental Free Trade Agreement (AfCFTA). This advantage is essential for countries seeking to diversify their economy and reduce their reliance on raw commodity exports. In a year defined by fuel price volatility and economic instability across Africa, some governments' purposeful management of low diesel prices has emerged as a secret weapon for resilience. With that said, here are the African countries that have the lowest diesel costs currently, according to Global PetrolPrices, which pegs the average price of diesel globally at 1.18 U.S. dollars per liter, as of the 19th of May. Compared to the top 10 countries that made the list last month, when the global average was 1.20 U.S. dollars per liter, diesel prices for Algeria, Nigeria, and Gabon all reduced slightly. Diesel prices for Egypt, Ethiopia, Tunisia, and Liberia increased. While prices for Libya, Angola, and Sudan remained the same. Top 10 African countries with the lowest diesel prices in May 2025 Rank Country Diesel price Global rank 1. Libya $0.027 3rd 2. Algeria $0.218 4th 3. Egypt $0.311 6th 4. Angola $0.327 7th 5. Nigeria $0.591 16th 6. Sudan $0.656 20th 7. Tunisia $0.734 27th 8. Ethiopia $0.881 43rd 9. Liberia $0.937 51st 10. Gabon $0.986 57th
