7th meeting of African Union Trade Ministries kicks off Dec. 12



Wed, 12 Dec 2018 - 03:15 GMT


Wed, 12 Dec 2018 - 03:15 GMT

Afreximbank - Photo courtesy of bank website

Afreximbank - Photo courtesy of bank website

CAIRO – 12 December 2018: The seventh meeting of African Union Trade Ministries kicked off on Wednesday in the presence of delegations from 55 countries, representatives of various African economic blocs' secretariats and representatives of international organizations interested in African affairs.

Coordinator of the Center for Trade Policy in Africa David Luke said that the member states need to face the problems and obstacles of removing customs constraints.

Luke clarified that the member states agreed to liberalize 90 percent of trade movement.

President of the African Export – Import Bank (Afrexim bank)Benedict Okey Oramah said that they are working with the African Union on several files, including the African Continent Free Trade Agreement.

Oramah noted that the bank supports the agreement according to available resources, pointing out that the trade area allows more progress.

He added that the intra-trade fair in Egypt is considered a development event in Africa, noting that the Afreximbank will provide $25 million as a trade support and that it will work on providing services to more than 500 banks until 2020 to support regional trade.

“We currently have 300 banks in this project and will offer it $8 billion,” Oramah stated.

He pointed out that the African bank is using a digitalized system to allow trade flows in Africa, adding that the trade platforms will increase by three folds in 2020, and that the bank will provide more than $50 billion as an informal trade, and will facilitate payments in national currencies.



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