Providing you with informed commentary on current developments in the local tax and business arena.
Our monthly analysis and comments on new law and administrative changes assist business executives to identify developments and trends in law and Inland Revenue practice that might impact their business.
Inter-Africa Trade gets a boost under the African Continental Free Trade Area
The Minister of Finance in his Budget Statement of 17 March 2021 referred to the establishment of the African Continental Free Trade Area (“AfCFTA”). This milestone for the African continent was brokered by the African Union (“AU”) in 2018 and following months of negotiations, launched on 1 January 2021.
The purpose of the Agreement signed by 55 African countries with a combined GDP of US$3.4 trillion is to accelerate intra-African trade and boost Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
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