by Benson Agoha | International
 |
| * EU trade Commissioner, Cecilia Malmstrom said EU deal with African countries opens up fully the EU market. (Credit: via Wiki) |
It may have taken more than a decade of negotiations, but the light to trade in Europe has been turned green for some African nations.
The new deal, according to EU trade Commissioner, Cecilia Malmstrom opens up fully the EU market for all goods and commodities on an asymmetric basis and that the deal contains safeguards for vulnerable sectors.
“It opens up fully the EU market for all goods and commodities on an asymmetric basis,” Malmstrom said, adding “It contains safeguards for vulnerable sectors and is a long-term cooperation on economic development."
The new deal adds to the growing momentum that in 2015 saw African nations sign different trade agreements with countries such as China, India and the United States, which also renewed its African Growth and Opportunity Act signed in June.
The US deal which benefits some 39 nations, was initially adopted in 2000. It eliminates import levies on more than 7,000 products from Africa. These products range from textiles to manufactured items.
The new Euro-African pact is for now between the European Union and six southern African nations. They will sign a trade accord on June 10 after 12 years of negotiations that were stalled mainly by differences over market access for agricultural products.
The so-called Economic Partnership Agreements gives products from Botswana, Lesotho, Mozambique, Namibia, and Swaziland duty- and quota-free access to the EU.
"South Africa, which has the region’s most-developed economy, will enjoy enhanced market access that goes beyond an existing preferential trade pact," according to an Industry Week report.
Despite the delays, the fact that some EU economies were struggling and the uncertainty of the U. K. leaving the EU, the deal is the most favorable yet clinched by the African nations, EU Trade Commissioner Cecilia Malmstrom said.
The African nations signing the pact with the EU will gain access to its 100-million-euro fund (£94 million) fund for economic integration and a 32-million-euro (£25 million) trade-related facility, the EU Commissioner said.
The new deal, according to EU trade Commissioner, Cecilia Malmstrom opens up fully the EU market for all goods and commodities on an asymmetric basis and that the deal contains safeguards for vulnerable sectors.
“It opens up fully the EU market for all goods and commodities on an asymmetric basis,” Malmstrom said, adding “It contains safeguards for vulnerable sectors and is a long-term cooperation on economic development."
The new deal adds to the growing momentum that in 2015 saw African nations sign different trade agreements with countries such as China, India and the United States, which also renewed its African Growth and Opportunity Act signed in June.
The US deal which benefits some 39 nations, was initially adopted in 2000. It eliminates import levies on more than 7,000 products from Africa. These products range from textiles to manufactured items.
The new Euro-African pact is for now between the European Union and six southern African nations. They will sign a trade accord on June 10 after 12 years of negotiations that were stalled mainly by differences over market access for agricultural products.
The so-called Economic Partnership Agreements gives products from Botswana, Lesotho, Mozambique, Namibia, and Swaziland duty- and quota-free access to the EU.
"South Africa, which has the region’s most-developed economy, will enjoy enhanced market access that goes beyond an existing preferential trade pact," according to an Industry Week report.
Despite the delays, the fact that some EU economies were struggling and the uncertainty of the U. K. leaving the EU, the deal is the most favorable yet clinched by the African nations, EU Trade Commissioner Cecilia Malmstrom said.
The African nations signing the pact with the EU will gain access to its 100-million-euro fund (£94 million) fund for economic integration and a 32-million-euro (£25 million) trade-related facility, the EU Commissioner said.
The new accord is open-ended and will be reviewed every five years.
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