tralac Daily News
Fostering SA, US trade relations (SAnews)
During the meeting, held at the office of the South African Consul General in New York on Friday, the Premier said the South African Embassy in the US has previously held a meeting with business people and investors to showcase the KwaZulu-Natal Investment Book, and reinforce the province’s position as an attractive business, investment, and tourism destination. “Our visit is a continuation of the provincial government’s approach of engaging with the international business community while leveraging on the good relations and partnerships that the South African Consulate-General has with US-based businesses and investors.
Export earnings set to hit record high (Sunday Mail)
Zimbabwe’s export earnings are expected to breach US$7 billion this year – the highest in the country’s history – driven by aggressive export promotion and an assertive economic diplomacy drive. Last year, Zimbabwe raked in US$6,03 billion, exceeding the target set in the National Development Strategy 1 economic blueprint owing to numerous export promotion initiatives. Half-year export earnings stood at US$3,4 billion, compared to US$2,3 billion recorded during the same period last year, representing 47,3 percent growth.
Horticulture exports fall 10pc on China restrictions (Business Daily)
Horticultural exports declined 10.7 percent in the year to July, blamed on limited access to the Chinese market by avocado farmers due to stringent entry conditions. Data made available by the Central Bank of Kenya (CBK) shows horticulture exports declined from $1.13 billion (Sh135.6 billion) in the 12 months to July 2021 to $1 billion (Sh120 billion) this year, contrasting with tea and coffee exports whose value rose in the period.
The higher cost means that even if they process the yellow grain into feed, they would still require to sell it at a higher price than what other millers using local white maize are selling, making their product uncompetitive in the market. Yellow maize importers face losses as prices of local white grain drop
KPA reverses compulsory SGR haulage order (Business Daily)
“This is, therefore, to notify all shipping lines that importers’ documentation of place of clearance and mode of transport for their goods shall be at their choice,” acting KPA Managing Director John Mwangemi said in the notice on Monday. Traders can now clear their cargo at the Port of Mombasa and choose the mode of transport to Nairobi and the hinterlands after Kenya Ports Authority (KPA) reverted custom services to the coastal city in line with a presidential decree.
TANZANIA Port Authority (TPA) has revealed in Dar es Salaam that preparations for the construction of Bagamoyo Port are underway. TPA’s Director General Plasduce Mbossa said on Saturday that the government is looking for a strategic investor although the part of the mega project will be executed by the State. “We will implement part of the project,” he said.
Duncan Otieno, a Nairobi-based economist, said the move leaves Kenya in a difficult situation as it feels the pinch of competition from the regional port in Dar es Salaam and now Djibouti. South Sudanese economist Abraham Mamer said the Djibouti port will provide a cheaper route for South Sudanese exports and imports.
Digitalizing Guinea-Bissau: The Future Starts Now (World Bank)
A small nation, rich in untapped natural resources, Guinea-Bissau has the highest proportion of natural wealth per capita in the West African region.
The meeting of the Continental Free Trade Area Negotiating Forum (CFTA-NF) will be held on September 26 -27 in Tunisia, Tunisian General Labour Union Deputy Secretary-General in charge of Arab and International Relations Hedia Arfaoui told TAP on Saturday.
Kenya starts cashing in on Africa free trade (Business Daily)
Kenya has shipped its first consignment of locally made batteries to Ghana, two months after it was picked among seven countries to pilot the continental free trade area that seeks to unlock the movement of goods and services in Africa. The Kenyan-made Exide batteries worth Sh9.24 million ($77,000) landed in Ghana last week, marking a formal start of preferential trading under the Africa Continental Free Trade Area (AfCFTA) framework.
Look beyond dollar to grow trade among countries, Cellulant CEO urges Africa (The Guardian Nigeria)
Chief Executive Officer of Cellulant, a pan-African financial technology (fintech) company driving financial inclusion, Akshay Grover, has charged the continent to consider the adoption of a local currency as a medium of exchange to break the jinx of low intra-African trade and jump-start a more ambitious regional economic development. Intra-African trade volume is currently estimated at 14.4 per cent of total trade, which is among the lowest in the world. The United Nations Conference on Trade and Development (UNTAD) expects the African Continent Free Trade Agreement (AfCFTA) to raise it to 33 per cent.
AfCFTA moves to pull women and youth into trade with new protocol (The East African)
This week, AfCFTA Secretary General Wamkele Mene said the fund, created through the Afreximbank and known as the AfCFTA Adjustment Facility, will be used to cushion countries from short-term revenue losses once they lift tariff barriers for cross-border trade. The African Continental Free Trade Area (AfCFTA) is building a fund and drafting a protocol to ensure participation of more women and youth in trade.
Leading global specialist risk consultancy Control Risks and its economics consulting partner Oxford Economics Africa announced the launch of the seventh edition of their Africa Risk-Reward Index today: “Opportunity through uncertainty.”
According to him, this can come to fruition following the implementation of the African Continental Free Trade Area (AfCFTA). Speaking at the Ghana-Denmark Business Forum, Herbet Krapa entreated businesses on the continent to leverage the opportunities available under the Continental Free Trade Area.
Unreliable and unharmonized data in the agricultural sector in Southern Africa has always been a set-back for policy-makers, resulting in considerable delays in planning processes for implementation of well-coordinated regional responses to curb threats that include transboundary pests and diseases such as the Fall Armyworm and Foot and Mouth Disease that negatively impact on productivity and tra
Politics, drought dim prospects for EA economies (The East African)
East Africa’s inflation is forecast to increase to 8.6 percent in 2022 from 7.7 percent in 2021 driven by elevated global food and energy prices. The report titled ‘Resilience through tough times’ shows that sanctions imposed on Russia have led to supply chain disruptions and export restrictions to the EA economies, manifested through rising inflation, which is expected to last the duration of the conflict.
EA businesses call for lower money transfer charges, forex commission (The East African)
The calls for full interoperability of mobile money networks follow a report by Africa RISE, a technical assistance facility funded by the European Union, which reveals that the East African Payment and Settlement System (EAPS) is currently operational in only four of seven EAC states. “I urge EAC partner state governments to pursue initiatives to reduce currency exchange fees during transaction as an interim solution in the absence of a single currency,” said John Bosco Kalisa, chief executive of the East Africa Business Council.
East African Community (EAC) Partner States have been urged to liberalise their airspaces and open up skies to promote the tourism industry in the region. Mr. Odek, who was speaking during the official opening of the 2nd EAC Tourism Expo in Bujumbura, Burundi, called upon the Partner States to finalise the EAC regulations to facilitate the liberalisation of air travel in the region.
Hon. Namara emphasised the need for consultations among all stakeholders during the Community’s planning and budgeting process, adding that the agreed priorities under the four pillars of EAC integration (Customs Union, Common Market, Monetary Union and Political Federation) should always reflect the aspirations of East Africans. Representatives from all the EAC Organs and Institutions, delegates from EAC Partner States and Members of the East African Legislative Assembly (EALA) Committee on General Purpose attended the two-day conference.
The Board of the East African Business Council during its 84th meeting outlined priorities set to boost intra-EAC trade and investments. In her speech to the 84th EABC Board Meeting, the Chairperson Ms. Angelina Ngalula lauded the EABC Secretariat for championing the adoption of 35% as the 4th band of EAC Common External Tariff by EAC Partner States whi
The Board of the East African Business Council led by Chairperson Angelina Ngalula held discussions with the Director General of the Tanzania Ports Authority Mr. Plasduce Mbossa on solutions to boost port performance to increase export competitiveness of the EAC bloc.
The third session on 18 July provided members the opportunity to share their practices on measures aimed at easing trade in COVID-19 goods under the purview of the Committee including, for example, in relation to tariff suspensions, reductions or eliminations. The questionnaire included questions aimed at collecting and compiling information on some of the topics covered in the first two experience-sharing sessions, namely the establishment of a COVID-19 essential goods list at the national level, the classification of such goods in the national tariff nomenclature, and whether specific actions were taken to monitor trade in such goods.
The Secretariat also presented the current trends in inclusive policy-making and how gender considerations are integrated into the Aid for Trade programmes. For instance, Canada proposed to lead the discussion on data collection under the pillar of analytical work while Australia voiced interest in Aid for Trade.
Regarding the priority issues to be addressed in coming meetings, several participants pointed out the need to continue discussions on the scope of the future IFD Agreement, including on possible definitions of “investment”, “investor of another member” and “authorization” for an investment. Delegations also heard from the facilitator of the Discussion Group on “Possible definitions” on the informal bilateral consultations held with delegations as well as from the co-coordinators on their consultations in different configurations on five provisions: final provisions, supplier-development programmes, home state measures, movement of business persons for investment purposes, and transfers and payments.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN has restated need for international support and cross-border collaboration in checkmating illicit financial flows. Malami made the statement on Friday at the high-level side event of the 77th session of the United Nations General Assembly in New York USA on Friday.
The global economy has lost momentum in the wake of Russia’s war of aggression in Ukraine, which is dragging down growth and putting additional upward pressure on inflation worldwide, according to the OECD’s latest Interim Economic Outlook. The Outlook projects global growth at a modest 3% this year before slowing further to just 2.2% in 2023. This is well below the pace of economic growth projected prior to the war and represents around USD 2.8 trillion in foregone global output in 2023.
The leaders, representing the African Union, European Union, United States, Spain, Colombia, Germany, Indonesia, and Nigeria, issued a joint declaration at the Global Food Security Summit to affirm their commitment. African leaders and governments in Europe, Asia and the Americas on Tuesday vowed to act “with urgency, at scale and in concert” in responding to the current food insecurity and nutrition crisis unfolding around the world.
The European Commission has allocated €600 million of European Development Fund to finance immediate humanitarian food aid, food production and resilience of food systems in the most vulnerable countries in Africa, the Caribbean and Pacific (ACP).This will help partner countries and vulnerable people to cope with the unjust consequences of Russia’s war of aggression against Ukraine, notably the current food security crisis and related economic shock.
“The availability of this data is of paramount importance, as data has always been the missing factor in tracking the importance of biodiversity-based products in achieving global biodiversity goals and targets,” said Teresa Moreira, an officer-in-charge of UNCTAD’s international trade division. The trade and biodiversity statistical tool provides consistent, complete, harmonized and comparable data and related indicators on 1,814 such products for any country and year since 2010.
Xiamen sees trade with BRICS climb 26.2% (China.org.cn)
East China’s coastal city of Xiamen saw its trade with BRICS countries increase 26.2 percent year on year to hit 59.39 billion yuan (about 8.49 billion U.S. dollars) in the first eight months of this year, according to Xiamen Customs.
According to António Guterres, the Global Accelerator on Jobs and Social Protection for Just Transitions aims to rebalance societies by putting decent jobs and social protection at the centre of sustainable development. “The path of inaction leads to economic collapse and climate catastrophe, widening inequalities and escalating social unrest”, which could leave “billions trapped in vicious cir