African governments putting regulations in place to make free trade pact a success
JOHANNESBURG – African governments are putting regulations and mechanisms in place to ensure the success of a recently signed continental free trade area, including easing customs controls, developing regulations on the cross border movement of people, reforming taxation and intellectual property regimes and improving anti-corruption legislation, South African President Cyril Ramaphosa said on Monday.
The free trade agreement signed in July will help consolidate the union among African states and reduce the potential for conflict because “there is no benefit in waging wars with countries that you trade with”, Ramaphosa told the Financial Times Africa summit in London.
“The free flow of goods and services will enable African businesses and entrepreneurs to expand their horizons. It will lead to the creation of a huge number of both big and small businesses,” he said.
“This treaty will unleash the manufacturing and industrial capability of the continent as companies will seek to make products for the burgeoning African market.”
Across Africa, countries were enacting reforms to improve business confidence, while public institutions were being reformed and laws around corruption and bribery strengthened.
Source: iol.co.za
