The African Continental Free Trade Area (AfCFTA) is predicted to increase Africa’s trade income by USD 450 billion by 2035 and will boost intra-African trade by more than 81 percent, according to a recent report by the World Bank.
Tag Archives: AfCFTA
Known by tourists for exquisite beaches, stunning landscapes and for being a multicultural island, Mauritius is considered as a leading country for cross-border business structuring by the international business community.
By Virusha Subban, Partner specialising in Customs and Trade, and Head of Tax, Baker McKenzie, Johannesburg Africa is the world’s top producer of numerous critical mineral commodities. With the rapid increase in the rate of global energy transition, the continent’s mining industry has a role to play in sourcing and supplying these critical minerals for […]
Business
An update on free trade in Africa – the Guided Trade Initiative, regional value chains and measures for sustainable trade
By Virusha Subban, Partner Specialising in Customs and Trade and Head of Tax, Baker McKenzie, Johannesburg The AfCFTA Guided Trade Initiative (GTI) is the latest development designed to boost trade in the Africa’s continent-wide free trade zone. The GTI was launched in October 2022 with the aim of testing meaningful, continuous trade under AfCFTA and […]
By Lodewyk Meyer, Partner and Head of the Banking & Finance Practice, and Lucy Stratton, Associate Designate, Baker McKenzie, Johannesburg As stated by President of the African Development Bank (AfDB), Akinwumi A. Adesina, “trade finance is an important instrument for influencing Africa’s long-term economic development and structural transformation”. According to a report by the AfBB and […]
By Virusha Subban, Partner and Head of Indirect Tax, Baker McKenzie Johannesburg On 2 November 2021, US President Joe Biden announced that three African countries would be terminated from the African Growth and Opportunity Act (AGOA) trade preference program, unless they took urgent action to meet statutory eligibility criteria by 1 January 2022. The three […]
The impact of the pandemic on global supply chains has prompted governments around the world to look at ways to fix the broken links. In Africa, the launch of African Continental Free Trade Area (AfCFTA), has provided the continent with new opportunities to strengthen its regional supply chain. Virusha Subban, Head of Indirect Tax at […]
By Virusha Subban, Partner and Head of Indirect Tax at Baker McKenzie in Johannesburg According to China’s Ministry of Commerce, trade between China and Africa increased by 40.5 percent year-on-year in the first seven months of 2021, and was valued at a record high of USD 139.1 billion. The Ministry noted that African products were […]
by Pomy Ketema, Counsel, Baker McKenzie, New York African countries continue to face substantial financing gaps as they take on projects of all sizes in pursuit of development. To tackle the slowdown in foreign direct investment since the onset of the pandemic, some African countries are actively courting their diaspora and looking for pockets of […]
AIM AFRICA will be a powerful impetus in strengthening AFRICA’s economic stability, sustainability, and growth. The African continent has immense untapped economic potential that presents innumerable opportunities for investors. The continent is also emerging as one of the preferred destinations for investments. According to data released in 2020 by the United Nations Population Division, 56.2% […]
Adedeji Adeniran Chukwuka Onyekwena Sone Osakwe CSEA AFRICA – CENTRE FOR THE STUDY OF THE ECONOMIES OF AFRICA March 2021 Affordable and efficient energy supply is essential for enhanced welfare and better development outcomes. However, African states suffer from huge deficits in energy generation and distribution, resulting in unreliable power networks, frequent power outages and […]
Disruption arising from COVID-19 has accelerated trends already apparent in the industrials market –– particularly digitalisation and trade volatility –– and transformation has gone from a “nice to have” to a necessity, according to the latest findings from Baker McKenzie. The law firm surveyed 700 company leaders in six industrial sub-sectors in early 2020, and […]
by Pomy Ketema, Counsel, Baker McKenzie, New York The African Continental Free Trade Area (AfCFTA) is one of the largest trading blocs in the world with the majority of African countries now operating under its preferential trade framework. Trading under AfCFTA commenced on January 1, 2021 under a liberalized trade regime that would gradually lead […]
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Deal making slows across Africa but post-pandemic opportunities look interesting
Deal making activity in sub-Saharan Africa (SSA) dropped in the second half of 2020 (H2 2020), when compared to the second half of 2019 (H2 2019) and year-on-year, deals were also down in both volume and value compared to 2019. As the continent gears up for post-pandemic recovery in 2021, the opportunities presented by free […]
Dealmaking activity in sub-Saharan Africa (SSA) dropped in the second half of 2020 (H2 2020), when compared to the second half of 2019 (H2 2019) and year-on-year, deals were also down in both volume and value when compared to 2019. According to Baker McKenzie’s analysis of Refinitiv data, M&A transactions dropped in SSA in H2 […]
African News, Agriculture, Fintech, Main, Medicine
Five Tech Megatrends that can Transform African economies in 2021 and beyond
The world has been experiencing massive digital disruption with the relentless rollout and adoption of disruptive and innovative technologies. Embracing digital disruption is daunting, since it is extremely unsettling with the rapid change brought about within societies and the severe impact on unskilled labor. Even if the African continent will not be spared by digital […]
By Virusha Subban, Partner specialising in Customs and Trade at Baker McKenzie in Johannesburg The United States (US) President Elect Joe Biden and his new administration are expected to take a multilateral approach to foreign policy, easing tensions and increasing engagement with allies. Trade issues are also expected to be a top priority for the Biden administration and under […]
South Africa News
South Africa on a clear path to benefit from trade in manufactured goods with other African countries
By Virusha Subban, Partner Specialising in Customs and Trade, Baker McKenzie Johannesburg President Cyril Ramaphosa outlined the country’s Economic Recovery Plan on Thursday 15 October 202o, during which he explained that South Africa imported goods (excluding oil) are worth around ZAR1.1 trillion annually, and that if just 10% of these were manufactured locally, the country would add 2% to its Gross Domestic […]