ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

AfCFTA: PAPSS’ll reduce foreign currency requirement

22nd July 2021
in Business
0
As AfCFTA comes into force
Share on FacebookShare on Twitter

By Merit Ibe

The Secretary General of African Continental Free Trade Agreement (AfCFTA),Wamkele Mene, has  disclosed that the Pan African Payment & Settlement System (PAPSS) backed by Afreximbank would reduce the foreign currency requirement in African payments.

According to Mene, who made the remark  during AfCFTA secretariat 2nd quarterly press briefing, the trade agreement  has recorded some progress concerning the PAPSS, as payment transaction cost currently amounts to about $5billion each year. He said local banks would be able to switch to the platform at the end of the year. The Secretary clarified that the rules of origin would be based on tariff lines and not on value-addition.

On how a single West African Currency would affect the AfCFTA, the secretary noted that although it is hoped that Africa would sometime in the future become a single currency union, the proposed West African currency ECO can only have a similar effect on the AfCFTA as other payment platforms, which ease and facilitate trade.

He disclosed that the body has been engaging with the private sector in different parts of the continent to encourage them to spare head the sensitisation program since they stand to benefit the most from the agreement.

The secretary made mention of the need to engage partners for such peculiar issues as customs procedure, clearance of goods, and transportation all of which the secretariat cannot achieve alone, hence,the need to collaborate with the Union of African Shippers Council (UASC) whose members are conversant with the challenges to trade. The collaboration he noted, was to be formalised through a memorandum of understanding (MOU) between the two organisations. He said the MOU was an expression of partnership and an action plan with which the two bodies would work to achieve greater intra-African trade in the years to come.

Mene disclosed that  the Secretariat has in the intervening period worked towards the operationalisation of the dispute settlement mechanism covering all major trade areas such as trade in goods, investment, and intellectual property.

He noted that participating states were now in the process of nominating representatives, adding that such representatives would have to be experts in the international economy and conversant with trade laws.

This according to him, would expectedly create a more trade-friendly environment and foster intra-African trade.

Speaking further, the secretary-general noted that as of today, 40 nations had ratified the agreement while expressing optimism that Seychelles, DRC, and Burundi would submit their ratification by September.

“Meanwhile, efforts are being made also to enlist Tanzania which is regarded as a strategic nation, given that it is a large east African country.”

He further noted that Benin, Liberia, and Guinea-Bissau have not ratified the agreement but that the secretariat was inter-facing with them and creating an avenue through which their reservations can be addressed.

He said the council of Ministers had convened to discuss issues around the rules of origin and market access, and as of today 80% of the negotiations has been completed, while the target is 90%.

Tags: AfCFTA: PAPSS’ll reduce foreign currency requirement
Rapheal

Rapheal

Related Posts

CBN grants RoutePay licence to provide digital payment solutions
Business

CBN grants RoutePay licence to provide digital payment solutions

7th February 2023
Delta residents lament long queues at ATMs, heavy PoS charges operators
Business

W’Bank warns naira scarcity could escalate tension in 2023 elections

7th February 2023
Banks customers lament limited access to new Naira in Kebbi
Business

Customers’ woes deepen as touts invade ATMs, worsen scarcity

7th February 2023
Next Post
Arts, monuments, and our future

My gift to the younger generation

‘Nigeria’s economic survival dependent on improving non-oil sector’

Farming business challenging but profitable –Howells, Farm Estate boss

Farming business challenging but profitable –Howells, Farm Estate boss

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

 Immaculate birth of the unborn in Nigeria (1)  

Ethics and discipline in law: Waiting for Godot (5)

Day of atonement 

You’re disrespectful to northern elders, Arewa group tackles El-Rufai

Sokoto: APC candidate vows to strengthen economic activity in border communities

Police warn against use of Ebubeagu for election

Trending

Female drummer, Ara, empowers Lagos kids, says  she’s fulfilled 
Lifeline

Female drummer, Ara, empowers Lagos kids, says  she’s fulfilled 

8th February 2023
0

By Zika Bobby  With a strong desire to get those she refers to as 'street kings and...

How Akinribola developed career from short film 

How Akinribola developed career from short film 

8th February 2023
Go the extra mile, not miles

‘Hide-and-seek game’ incorrect

8th February 2023

 Immaculate birth of the unborn in Nigeria (1)  

8th February 2023
Of false prophets and fake prophesies (2)

Ethics and discipline in law: Waiting for Godot (5)

8th February 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Female drummer, Ara, empowers Lagos kids, says  she’s fulfilled 
  • How Akinribola developed career from short film 
  • ‘Hide-and-seek game’ incorrect
  •  Immaculate birth of the unborn in Nigeria (1)  
  • Ethics and discipline in law: Waiting for Godot (5)
  • Day of atonement 
  • You’re disrespectful to northern elders, Arewa group tackles El-Rufai
  • Sokoto: APC candidate vows to strengthen economic activity in border communities
  • Police warn against use of Ebubeagu for election
  • Stop disrespecting northern elders, Arewa group tackles El-Rufai 
  • Nigeria has suffered a lot-Obi
  • Osinbajo to commission 67 household phase 1 of iconic estate in Ibadan Thursday
  • Wike donates N70m to families of slain, injured Police officers
  • Nigeria decides: National Peace Committee signs accord with political parties in C/River, calls for vigilance among stakeholders
  • Benue Killings: Another January to remember
  • Ekiti APC chieftain Ajibulu knocks Atiku over comments on naira swap deadline
  • 91 bag first class as FUOYE graduates 3,914 students
  • Para-Mallam Peace Foundation engages candidates, INEC on peaceful elections
  • 2 ex-convict rearrested for the same offence of robbery 
  • Entrepreneurship: NDE trains 65 youths on basic business skills in Benue

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.