Post by Trade Forum on Oct 28, 2022 8:41:42 GMT 1
Record Breaking Event: Kenya Exports Tea To Ghana In First AfCFTA Trading Deal
WAO. Kenya has commenced tea exportation to Ghana under the African Continental Free Trade Area (AfCFTA) agreement.
Kenyan President William Ruto, on Wednesday, flagged off the inaugural consignment of tea to Ghana.
AfCFTA is a free-trade area agreement signed by most African countries.
It is a flagship project of the African Union’s agenda 2063.
The agreement aims at creating “a single market for goods, services, facilitated by movement of persons to deepen the economic integration of the African continent.”
Ruto said Kenya was determined to generate revenue by selling its quality tea to other African countries.
Kenya is among the first eight (8) countries chosen to take on the pilot stage of the project. Why are countries like Nigeria not there for the pilot stage? It is because they have not compiled and submitted their schedule of tariff concessions.
This action is believed to show seriousness on the part of the countries for the takeoff of the laudable project.
“Kenya is strongly committed to exploiting the full potential of value addition and unlocking the opportunities available within the African Continental Free Trade Area (AfCFTA) framework,” Ruto said in a tweet.
“We will take decisive action to enhance the diversification of our economy to unleash the full force of our manufacturing sector for our farmers to benefit from better prices. He flagged off value-added tea to Accra, Ghana.”
The Kenyan president said it is time for Africa to occupy its rightful place in trade, business and investment.
He further encouraged the private sector to leverage the opportunities under the AfCFTA and join Ghana and Kenya on the journey to boosting African economies.
“There is no reason why people in the African continent buy tea from other markets when we have our own very high-quality tea that we can provide to them at the same price,” Ruto said.
“We must have a Kenyan-branded product in tea. This is so that we can sell our tea.”
Kenya is one of the eight countries selected to participate in the pilot phase of the AfCFTA guide trade initiative.
The other African nations selected for the initiative are Egypt, Ghana, Rwanda, Tanzania, Tunisia, Cameroon and Mauritius.
According to the African Union, these countries are those who have submitted their schedule of tariff concessions and have demonstrated advanced processes on the ground rendering these countries relatively more prepared to trade under AfCFTA.
On the financial front, Nigeria also emerged as the first country in Africa to record successful transactions through the Pan-African Payment and Settlement System (PAPSS).
The PAPSS was created to promote the AfCFTA.
According to Thisday newspaper, the first transaction occurred between the Ghana Commercial Bank and First Bank of Nigeria Plc through the Nigeria Inter-Bank Settlement System Plc (NIBSS).
Professor Benedict Oramah, making remarks on the creation of PAPSS, said “We are eager to build upon the African Continental Free Trade Area’s creation of a single market throughout Africa, and PAPSS provides the state-of-the-art financial market infrastructure connecting African markets to each other thereby enabling instant cross-border payments in respective local African currencies for cross-border trade.
Afreximbank, as the main Settlement Agent for PAPSS, provides settlement guarantees on the payment system and overdraft facilities to all settlement agents, in partnership with Africa’s participating Central Banks.
PAPSS will effectively eliminate Africa’s financial borders, formalize and integrate Africa’s payment systems, and play a major role in facilitating and accelerating the huge AfCFTA-induced growth curve in intra-African trade.”
Kenya and Ghana have set the ball rolling, Nigeria and other African countries, the ball is now in your court; let us see what you are going to make out of it.
Let the system start, we will adjust and make corrections as things start unfolding.
Trust us to bring to you news about this wonderful event taking place in our own Africa.
Our company is one of the best companies in Agro-Export Business in Nigeria today. We train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
WAO. Kenya has commenced tea exportation to Ghana under the African Continental Free Trade Area (AfCFTA) agreement.
Kenyan President William Ruto, on Wednesday, flagged off the inaugural consignment of tea to Ghana.
AfCFTA is a free-trade area agreement signed by most African countries.
It is a flagship project of the African Union’s agenda 2063.
The agreement aims at creating “a single market for goods, services, facilitated by movement of persons to deepen the economic integration of the African continent.”
Ruto said Kenya was determined to generate revenue by selling its quality tea to other African countries.
Kenya is among the first eight (8) countries chosen to take on the pilot stage of the project. Why are countries like Nigeria not there for the pilot stage? It is because they have not compiled and submitted their schedule of tariff concessions.
This action is believed to show seriousness on the part of the countries for the takeoff of the laudable project.
“Kenya is strongly committed to exploiting the full potential of value addition and unlocking the opportunities available within the African Continental Free Trade Area (AfCFTA) framework,” Ruto said in a tweet.
“We will take decisive action to enhance the diversification of our economy to unleash the full force of our manufacturing sector for our farmers to benefit from better prices. He flagged off value-added tea to Accra, Ghana.”
The Kenyan president said it is time for Africa to occupy its rightful place in trade, business and investment.
He further encouraged the private sector to leverage the opportunities under the AfCFTA and join Ghana and Kenya on the journey to boosting African economies.
“There is no reason why people in the African continent buy tea from other markets when we have our own very high-quality tea that we can provide to them at the same price,” Ruto said.
“We must have a Kenyan-branded product in tea. This is so that we can sell our tea.”
Kenya is one of the eight countries selected to participate in the pilot phase of the AfCFTA guide trade initiative.
The other African nations selected for the initiative are Egypt, Ghana, Rwanda, Tanzania, Tunisia, Cameroon and Mauritius.
According to the African Union, these countries are those who have submitted their schedule of tariff concessions and have demonstrated advanced processes on the ground rendering these countries relatively more prepared to trade under AfCFTA.
On the financial front, Nigeria also emerged as the first country in Africa to record successful transactions through the Pan-African Payment and Settlement System (PAPSS).
The PAPSS was created to promote the AfCFTA.
According to Thisday newspaper, the first transaction occurred between the Ghana Commercial Bank and First Bank of Nigeria Plc through the Nigeria Inter-Bank Settlement System Plc (NIBSS).
Professor Benedict Oramah, making remarks on the creation of PAPSS, said “We are eager to build upon the African Continental Free Trade Area’s creation of a single market throughout Africa, and PAPSS provides the state-of-the-art financial market infrastructure connecting African markets to each other thereby enabling instant cross-border payments in respective local African currencies for cross-border trade.
Afreximbank, as the main Settlement Agent for PAPSS, provides settlement guarantees on the payment system and overdraft facilities to all settlement agents, in partnership with Africa’s participating Central Banks.
PAPSS will effectively eliminate Africa’s financial borders, formalize and integrate Africa’s payment systems, and play a major role in facilitating and accelerating the huge AfCFTA-induced growth curve in intra-African trade.”
Kenya and Ghana have set the ball rolling, Nigeria and other African countries, the ball is now in your court; let us see what you are going to make out of it.
Let the system start, we will adjust and make corrections as things start unfolding.
Trust us to bring to you news about this wonderful event taking place in our own Africa.
Our company is one of the best companies in Agro-Export Business in Nigeria today. We train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
