Algeria joins Guided Trade Initiative to boost pan-Africa trade

  • World
  • Sunday, 17 Dec 2023

ALGIERS, Dec. 16 (Xinhua) -- Algeria's Minister of Trade and Export Promotion Tayeb Zitouni declared on Saturday his country's accession to the Guided Trade Initiative, as part of its effective implementation of the African Continental Free Trade Area (AfCFTA) agreement.

The announcement was made at a forum held in Algiers that gathered influential African economic officials and experts, including AfCFTA Secretary-General Wamkele Mene.

"This announcement underscores Algeria's commitment to advancing pan-African trade," Zitouni was quoted as saying by the Algeria Press Service.

He further highlighted the new membership's importance for the region, saying that it will streamline trade exchanges between Algeria's economic entities and those of other member states, boost Algeria's non-hydrocarbon exports, and support the expansion of pan-African trade volumes through the AfCFTA.

Zitouni said that the move is in line with the AfCFTA's principles, which include removing customs barriers and facilitating smoother trade exchanges.

Inaugurated during the 10th meeting of the AfCFTA Council of Ministers in Accra, Ghana, on Oct. 7, 2022, the Guided Trade Initiative seeks to evaluate the operational, institutional, and legal aspects that are critical to execute the AfCFTA agreement.

The initiative aims to promote trade exchanges and offer member states that fulfill the necessary requirements preferential benefits outlined in the agreement.

Countries actively engaged in the initiative include Tunisia, Egypt, Kenya, Ghana, Cameroon, Rwanda, Mauritius, and Tanzania.

The AfCFTA agreement is an ambitious trade pact that aims to turn Africa into a large free trade area.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

Water levels in Russia's Kurgan cross 'dangerous' levels
France prepares to commemorate D-Day's 80th anniversary
European court rules drug lord Pablo Escobar's name cannot be trademarked
Analysis-Gun-shy Australia, reeling from knife crime, weighs public security settings
Couple duped in ‘very unusual’ gold bar scam loses over RM550,000, US cops say
Part of Denmark's historic stock exchange reduced to empty shell after blaze
Women in tech, AI in focus as Web Summit opens in Rio
Russian attack kills at least 9 in Ukraine's Chernihiv, officials say
US SEC targets its own staff’s texting, nixes WhatsApp on work phones
Ships docked, trains halted as striking Greek workers protest over rising costs

Others Also Read