trade Archives - AfricaBusiness.com

22Aug

By Africa BusinessNo Comments

Business, Fintech, Main

Tapping into India and Africa’s strengths to drive a financial revolution

Vinesh Kassen, Head of India Client Coverage at Absa CIB, explores how successful digitisation projects have revolutionised the way that India and Africa interact with financial services, and why leveraging both regions’ capabilities will help deepen ties. India and Africa are embarking on a new chapter. The newly appointed high commissioner of South Africa to India, Anil Sooklal, has been flying the flag for the India-Africa relationship on the global stage, commenting in a recent speech that the two regions share a “special relationship that has so much potential at every level”. The connection between the two continents is more than just a bilateral relationship; it is a partnership with the capability to shape the future of global trade. In many ways, Africa and India are like mirror...

18Jun

By Africa BusinessNo Comments

Business

Strengthening Bridges: Exploring the Dynamics of Türkiye – UK Investment Relations

The International Chamber of Commerce (ICC) in Paris is dedicated to fostering international trade and investment. Its very mission is to promote open markets, responsible business conduct, and a level playing field for enterprises worldwide, which was the vision of Étienne Clémentel when the ICC was originally founded. Today, the ICC represents over 45 million companies in more than 170 countries, including the United Kingdom and Türkiye. By providing essential services such as dispute resolution and policy advocacy, the ICC and the ICC International Court of Arbitration (ICC Court) plays a pivotal role in facilitating cross-border economic activities. This commitment is particularly relevant in the context of investment relations, where the ICC's efforts to streamline and safeguard int...

29Mar

By Africa BusinessNo Comments

Business

The African Continental Free Trade Area Investment Protocol signalled a new era in sustainable trade and investment

By Michael Foundethakis, Partner, and Global Head of Project and Trade & Export Finance, Baker McKenzie Paris and Virusha Subban, Partner specialising in Customs and Trade, and Head of Tax, Baker McKenzie Johannesburg 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. Since the start of trade under AfCFTA in 2021, African countries have been implementing changes to diversify their economies, increase production capacity, and widen the range of products made in Africa. To be able to do so effectively, they must attract sustainable funding and investment. Several countries are now trading under the continenta...

10Jun

By Africa BusinessNo Comments

African News

Why choose Mauritius for your cross-border business structuring?

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. The country’s strong network of strategic Free Trade Agreements contributes to consolidating its leading position as a trade platform between Africa and Asia. What makes Mauritius a global business jurisdiction? What are the advantages of choosing Mauritius for cross-border structuring? By offering numerous benefits to companies that are trying to widen their activities worldwide, Mauritius has help to maintain its status as a global business jurisdiction. Positioned in a strategic location between Asia and Africa has created a key advantage for Mauritius as it is p...

United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area

23Jan

By Africa BusinessNo Comments

African News, Main

United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area

By Virusha Subban, Partner Specialising in Customs and Trade, and Head of the Tax Practice, Baker McKenzie Johannesburg There was more good news for the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement in December 2022, when a Memorandum of Understanding (MoU) was signed between the United States (US) Trade Representative and the AfCFTA Secretariat at the US-Africa Leaders' Summit (Summit) in Washington DC. The MoU covers expanded engagement between the two regions and intends to "promote equitable, sustainable, and inclusive trade; boost competitiveness; and attract investment to the continent." It was also announced at the Summit that US intended to invest USD 55 billion in Africa over the next three years, and that USD 15 billion would be deploye...

1Dec

By Africa BusinessNo Comments

Business, Events, Ghana News

African e-commerce users are expected to exceed 500 million over the next three years

The new event facilitates strategic African trade opportunities With the number of African e-commerce users expected to exceed half a billion over the next three years, there is an increasingly urgent need for sophisticated logistics systems to strengthen and support the continent’s expanding transport infrastructure. The pandemic served as a catalyst for the advancement of the global e-commerce market and has given rise to a number of trends that impact the logistics industry. Not only are consumers demanding quicker delivery times, but the costs of servicing the last mile are increasing, which has retailers and logistics operators working hard to improve and develop their distribution models so that they can cut inefficiencies and keep stock nearer to consumers. [1] It is with the pri...

Africa’s Untapped Export Potential Worth $31 Billion

15Sep

By Africa BusinessNo Comments

African News, Events, South Africa News

Africa’s Untapped Export Potential Worth $31 Billion

United National Conference on Trade and Development says Africa’s untapped export of $31 billion[1] can be achieved if Africa implements partial tariff liberalisation under the African Continental Free Trade Area (ACFTA) Agreement over the next five years. Currently, trade between African countries comprises 61% of processed and semi-processed goods. Infrastructure and the harmonisation of logistics will make the AfCFTA fly, including simplicity of moving goods, automation, services across countries and cross-border clearance processes, among other challenges hampering trade. According to Jürgen Maier, Owner of Mobility Advisors in Switzerland and Partner and Adviser at the Transport Evolution Africa Forum and Expo 2022, automation is one of the key areas to increasing Africa’s transport...

21Nov

By Africa BusinessNo Comments

African News, Democratic Republic of the Congo

ANAPI and Dubai FDI sign a Memorandum of Understanding to promote the expansion of trade and investment between the DRC and the United Arab Emirates

DUBAI - On the sidelines of the participation of the Democratic Republic of Congo in the Expo 2020 Dubai, the National Investments Promotion Agency of the DRC (ANAPI), represented by its Director General, Mr. Anthony Nkinzo Kamole, and Dubai Investment Development Agency (Dubai FDI), represented by its Chief Executive Officer, His Excellency Mr. Fahad Al Gergawi, signed on October 14, 2021, in Dubai in the United Arab Emirates, a Memorandum of Understanding for collaboration between the two institutions. This agreement establishes the principles and the basis of an increased technical and commercial cooperation between ANAPI and Dubai FDI, and aims especially at the reinforcement of the economic links of business between the DRC and the United Arab Emirates, notably at the level of the pri...

18Nov

By Baker McKenzieNo Comments

Main

Ten reasons to consider African trade and investment opportunities in 2022

By Lerisha Naidu, Partner, Competition & Antitrust; Lodewyk Meyer, Partner, Banking and Finance; Mike van Rensburg, Partner, M&A; and Virusha Subban, Partner, Customs and Trade, Baker McKenzie Johannesburg 1. Visible green shoots – rising commodity prices The pandemic closed borders and stopped trade, other than for essentials, across the continent and was the principal reason for a decline in investment in 2020. A lack of available capital and acquisition finance, as well as difficulties pricing deals in an uncertain market, also affected investment. Other reasons for declining investment, included that the levels of economic activity have slowed in the major African economies, such as Nigeria and South Africa. However, green shoots are visible and market fundamentals are sig...

16Nov

By Virusha SubbanNo Comments

Ethiopia News, Guinea News, Main, Mali News

African Growth and Opportunity Act eligibility requirements under review in three African countries

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 countries listed were Guinea, Mali and Ethiopia. The US administration cited unconstitutional changes in governments in Guinea and Mali and human rights violations in Ethiopia, due to conflict in the country, as reasons for the termination. The statement announced the intention to provide all three countries with a clear benchmark and pathway towards reinstatement so that valued trading partnerships could be resumed. AGOA eligibility c...