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AFRICANS CONTINENT TRADE
The
trade is an system involves of the transfer of goods or services from
one person or entity to another, often in exchange for money. Economists
refer to a system or network that allows trade as a market.An early
form of trade, barter, saw the direct exchange of goods and services for
other goods and services need quotation to verify] Barter involves
trading things without the use of money. When either bartering party
started to involve precious metals, these gained symbolic as well as
practical importance.[citation needed] Modern traders generally
negotiate through a medium of exchange, such as money. As a result,
buying can be separated from selling, or earning. The invention of money
(and later of credit, paper money and non-physical money) greatly
simplified and promoted trade. Trade between two traders is called
bilateral trade, while trade involving more than two traders is called
multilateral trade.In one modern view, trade exists due to
specialization and the division of labor, a predominant form of economic
activity in which individuals and groups concentrate on a small aspect
of production, but use their output in trades for other products and
needs. Trade exists between regions because different regions may
have a comparative advantage (perceived or real) in the production of
some trade-able commodity including production of natural resources
scarce or limited elsewhere. For example: different regions' sizes may
encourage mass production. In such circumstances, trade at market prices
between locations can benefit both locations.Retail trade consists of
the sale of goods or merchandise from a very fixed location (such as a
department store, boutique or kiosk), online or by mail, in small or
individual lots for direct consumption or use by the purchaser.Wholesale
trade is defined[by whom?] as traffic in goods that are sold
as merchandise to retailers, or to industrial, commercial,
institutional, or other professional business users, or to other
wholesalers and related subordinated services.Historically, openness to
free trade substantially increased in some areas from 1815 to the
outbreak of World War I[citation needed] in 1914. Trade openness
increased again during the 1920s, but collapsed (in particular in Europe
and North America) during the Great Depression of the 1930s. Trade
openness increased substantially again from the 1950s onwards (albeit
with a slowdown during the oil crisis of the 1970s). Economists and
economic historians contend that current levels of trade
openness are the highest they have ever been.
History of the Africans Trade
The Portuguese began
significant trading with West Africa in the 15th century. This trade was
primarily for the same commodities the Arabs had bought—gold, ivory,
and slaves. ... Previously, trade with Sub-Saharan Africa could only be
conducted through North African middlemen.The transatlantic slave trade
began during the 15th century when Portugal, and subsequently other
European kingdoms, were finally able to expand overseas and reach
Africa. The Portuguese first began to kidnap people from the west coast
of Africa and to take those they enslaved back to EuropeThe main items
traded were gold and salt. ... Other items that were commonly traded
included ivory, kola nuts, cloth, slaves, metal goods, and beads. Major
Trade Cities. As trade developed across Africa, major cities developed
as centers for tradeThe size of the Atlantic slave trade dramatically
transformed African societies. The slave trade brought about a negative
impact on African societies and led to the long-term impoverishment of
West Africa. This intensified effects that were already present amongst
its rulers, kinships, kingdoms and in society.In most African states one
or two primary commodities dominate the export trade e.g., petroleum
and petroleum products in Libya, Nigeria, Algeria, Egypt, Gabon, the
Republic of the Congo, and Angola; iron ore in Mauritania and Liberia;
copper in Zambia and the Democratic Republic of the Congo; cotton in
Chad; coffee in Africa Continent.Europe sent manufactured goods and
luxuries to North America. Europe also sent guns, cloth, iron, and beer
to Africa in exchange fro gold, ivory, spices and hardwood. The primary
export from Africa to North America and the West Indies was enslaved
people to work on colonial plantations and farmsIntra-African trade,
defined as the average of intra-African exports and imports, was around
2% during the period 2015–2017, while comparative figures for America,
Asia, Europe and Oceania were, respectively
The African Continental Free Trade Area (AfCFTA)[11] is a free trade area which, as of 2018, includes 28 countries.[1][12][13][14] It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations.[15]
The free-trade area is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organization.[16] Accra, Ghana serves as the Secretariat of AFCFTA and was commissioned and handed over to the AU by the President of Ghana His Excellency Nana Addo Dankwa Akuffo Addo on August 17, 2020 in Accra.[17The agreement was brokered by the African Union (AU) and was signed on by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018.[18][19] The agreement initially requires members to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the continent.[18] The United Nations Economic Commission for Africa estimates that the agreement will boost intra-African trade by 52 percent by 2022.[20] The proposal was set to come into force 30 days after ratification by 22 of the signatory states.[18] On April 2, 2019, The Gambia became the 22nd state to ratify the agreement,[21] and on April 29 the Saharawi Republic
made the 22nd deposit of instruments of ratification; the agreement
went into force on May 30 and entered its operational phase following a
summit on July 7, 2019.[22]
To provide our consumers with a fast, reliable, and cost effective way
to link Africa to the rest of the world in the form of shopping and/or
business. Our focus is to provide a platform based around the African Growth and Opportunity Act We are able to do this by providing our consumers with a platform to
showcase what they have to offer, browse for what they want, and
communicate directly safely and with assurance.
To provide our consumers with a fast, reliable, and cost effective way
to link Africa to the rest of the world in the form of shopping and/or
business.
Our focus is to provide a platform based around the African Growth and Opportunity Act ; We are able to do this by providing our consumers with a platform to
showcase what they have to offer, browse for what they want, and
communicate directly safely and with assurance.
Since its enactment in 2000, the African Growth and Opportunity Act
(AGOA) has been at the core of U.S. economic policy and commercial
engagement with Africa. AGOA provides eligible sub-Saharan African
countries with duty-free access to the U.S. market for over 1,800
products, in addition to the more than 5,000 products that are eligible
for duty-free access under the Generalized System of Preferences
program.
To meet AGOA’s rigorous eligibility requirements, countries must
establish or make continual progress toward establishing a market-based
economy, the rule of law, political pluralism, and the right to due
process. Additionally, countries must eliminate barriers to U.S. trade
and investment, enact policies to reduce poverty, combat corruption and
protect human rights.
By providing new market opportunities, AGOA has helped bolster
economic growth, promoted economic and political reform, and improved
U.S. economic relations in the region.
38 countries are eligible for AGOA benefits in 2020. In 2015,
Congress passed legislation modernizing and extending the program to
2025.
More information on U.S. trade policy toward sub-Saharan Africa, including the model FTA initiative, can be found here.
More information on USTR’s implementation of the AGOA program can be found at the tabs to the left.
Information concerning the U.S. Agency for International Development’s support for utilization of the AGOA program can be found here and here.
Information concerning the U.S. Department of State’s support for
utilization of the AGOA program, including through its embassies in
sub-Saharan Africa, can be found here.
The Office of African Affairs develops and coordinates U.S.-sub-Saharan
African trade and investment policy. The office supports and enhances
U.S.-sub-Saharan Africa trade and investment by implementing the African
Growth and Opportunity Act (AGOA) preference program and by
negotiating, concluding, and effectively implementing a range of trade
agreements, treaties, or initiatives that further the Administration's
economic and development policies in sub-Saharan Africa. It is tasked
with expanding U.S.-Africa two-way trade and investment, opening African
markets for U.S. goods, services and investment, reducing foreign
barriers to trade and investment, and promoting regional integration.
The office consults and communicates with Congress and other
stakeholders on Africa trade policy initiatives to ensure outcomes that
are consistent with the U.S. trade policy agenda and international
obligations.
The African Trade Insurance Agency, also known as ATI, was established in 2001[1] by seven COMESA countries and with the technical and financial backing of The World Bank to provide insurance against political and commercial risks in order to attract foreign direct investments (FDI)
into the region. ATI is Africa's only multilateral investment and
credit insurer and as of 31 December 2019 it had supported trade and
investments into Africa valued at over US$62 billion [2] since inception and for H1 2020, ATI recorded US$6.5 billion in Gross Exposures and US$390.8 million in equity.[3]
ATI was created in 2001 to help drive much needed investment insurance capacity to Africa in order to support higher levels of foreign direct investments.[1]
Seven COMESA countries obtained a grant from the World Bank to conduct a
study to look at factors contributing the low levels of FDI to their
countries. The study revealed political risk to be the main constraint
and the primary concern of prospective investors. The study expanded
into a World Bank project (The Regional Trade Facilitation Project I)[4] from which ATI was created. ATI launched in 2001 in Kampala, Uganda [5] and opened its doors in Nairobi, Kenya, ATI's head office.ATI has 18 member countries and 11 other corporate shareholders like the African Development Bank, Trade Development Bank, UK Export Finance (UKEF), SACE, Chubb and Atradius.[6] India became the first non-African member country to become a shareholder through its government-backed export credit agency, ECGC[7]The African Trade Insurance (ATI) Agency offers investment insurance
against political risks. It serves to protect investments, projects,
assets and contracts against risks associated with unlawful or
questionable government actions that could lead to payment default and
financial loss. ATI considers indemnity and tenors for the political
risk investment insurance on a case-by-case basis.
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