Browsing: International Trade Centre

A port. The Dubai Chamber’s ‘Why Africa?’ initiative is focusing on East Africa and explores key economic indicators and their analyses in the continent.
  • AfCFTA’s ‘How to Export with the AfCFTA training programme’ was designed with African businesses in mind.
  • In 2020, Afreximbank and ITC begun a trial programme in Côte d’Ivoire, Nigeria, and Rwanda as a test.
  • ITC and Afreximbank have made the online component of the curriculum publicly available on the Afreximbank Academy online platform.

Small businesses will start benefitting from a training programme on exporting within the African Continental Free Area (AfCFTA).

This follows the launch of the new training programme by the International Trade Centre (ITC) and the African Import-Export Bank (Afreximbank).

The training programme was launched during the Intra-African Trade Fair 2021 (IATF2021), taking place in Durban, South Africa from November 17 to 21. For previously under-represented populations, the training programme strives to break down barriers to commerce.

Read: KEPSA signs MoU to spur exploration of large scale green energy projects

The AfCFTA’s ‘How to Export with the AfCFTA …

Africa has 107 unique land borders with varying regulatory standards making for a frustrating experience for those who need to do business across the continent.

However, the Africa Continental Free Trade Area (AfCFTA) consolidates these economies into a single US$2.3 trillion market of 1.3bn people. With the harmonised trade, the continent offers greater market opportunities at lower business costs which is attractive for those who would want to tap into these prospects.

With this, the International Trade Centre (ITC) has called on East Africa’s young people to embrace e-commerce and tap into global online sales worth US$26 million as the AfCFTA gets off the ground in 2021.

Read: Where, how to invest in Uganda’s e-commerce

“Online marketplaces could drive inclusive growth across Africa, with e-commerce likely to create as many as 3 million jobs by 2025,” ITC Executive Director Pamela Coke-Hamilton says.

Speaking at a forum in Nairobi, this month, …

African trade experts have called for the swift implementation of the African Continental Free Trade Area (AfCFTA) to lift Africa out of the economic downturn caused by Covid-19.

Speaking at a trade forum in Dakar, Senegal, AfCFTA Secretary-General Wamkele Mene said that the pandemic had, for the first time in 25 years, caused a contraction of GDP of between 2 to 5 per cent in sub-Saharan Africa.

“This decline will manifest itself in reduced exports and loss of employment, among other challenges. However, it is projected that the implementation of the AfCFTA will boost intra-Africa trade by US$35 billion, increasing value-chain development across all sectors, enhancing the competitiveness of industry and reducing the trade deficit by 50 per cent,” said Mene.

Read: AfCFTA: The stimulus package that Africa needs

Dorothy Tembo, Deputy Director of the International Trade Centre (ITC), a joint agency of the World Trade Organization and the United …

Africa is the world’s second-largest and the second-most populous continent after Asia with an estimated 1.3 billion people as of 2018.

Accounting for about 16 per cent of the world's human population, the demands continue increasing especially for job creation, food security and education among others.

With this population expected to grow to be between 1.65 billion and 1.71 billion by 2030, there is even more pressure to ensure that the continent’s youthful population is gainfully engaged to avert an unemployment crisis.

Read: How to tap into cross border opportunities

This calls for investments in job creation where small businesses, which are the majority employer on the continent, benefit from policies that enable their growth.

To enable this, the African Import-Export Bank (Afreximbank) and the International Trade Centre (ITC) have teamed up to help small businesses make the most of the African Continental Free Trade Area (AfCFTA).

The partnership will…

East Africa is a region well-endowed with resources both natural and human which if well-harnessed could help turn around the East African Community (EAC)’s economic fortunes. 

While most sectors of the economy are informal, they nonetheless remain the backbone of the economy. These SMEs need support, however, to reach their potential and one of these is the Market Access Upgrade Programme (MARKUP) which enables small businesses to access the European Union (EU) market. 

Launched in 2018, MARKUP which is a partnership between the EU and the EAC aims to increase exports of agribusiness and horticultural products and promote regional integration and access to the European market.  The EU presents a huge opportunity for regional SMEs making it a great platform for those in the sector to market their products in Europe.

Read: Poisoned Cream: How Kenya’s adulterated milk has ruined an industry

For instance, coffee farmers and exporters in the

Kenya’s economic growth in recent years has led to a reduction in poverty according to the World Bank but these gains could be lost due to the Covid-19 pandemic. 

The Bretton Woods institution notes that the poverty headcount rate declined from 43.7 per cent in 2006 to 36.8 per cent in 2015. The bank’s latest data shows that Kenya’s GDP growth was 1.9 percentage points higher than the Sub-Saharan African countries’ average of 3.8 per cent between 2013 and 2018. 

However, GDP growth has plummeted to a projected 1.5 per cent this year as the pandemic threatens to derail progress in poverty reduction.

Read: Africa's Next War - How water will determine continental security

Hailed as East Africa’s investment hub, Kenya’s economy is largely driven by the informal sector with Small and Medium Enterprises (SMEs) contributing a sizeable percentage to the country’s GDP. 

According to The International Trade Centre

Absa Bank Kenya has announced a Ksh10 billion fund to advance credit to women-owned small and medium enterprises over the next five years.

The kitty comes as part of the new customer value propositions under the Absa brand.

The women fund is part of the bank’s commitment towards advancing diversity and inclusion by empowering women with financial resources and capacity building to grow their businesses.

The money will be availed to women entrepreneurs through the existing banking products including unsecured and secured loans, trade finance, asset finance, property finance and working capital facilities.

“Women form over 50 per cent of the local and global population and account for a significant percentage of the SME sector. However, their participation in the national economic development is often stifled by limited access to financial resources and social-cultural restrictions. We are confident that this proposition, coupled with the additional interventions we continue to make, …

E-commerce is set to create three million jobs for the youth by the year 2025 a report by bankers and financial experts.

The World Economic Forum, in partnership with the International Trade Centre, released the Africa E-commerce Agenda, which is an eight-step action plan to recognize the benefits of e-commerce in the content.

The Africa E-commerce Agenda action points enable e-payments, manage data, grow the tech industry, refresh policies, expand connectivity, upgrade logistics, coach small business and join forces.

The Agenda released early this month, recognizes the significance of the large ecosystem of digital technology and supporting elements.

Experts who attended the forum said e-commerce has the potential to create 3 million jobs yet e-commerce startups, face many challenges, which includes low consumer digital trust, low regional integration and poor infrastructure.

The head of the regional agenda, Africa and a member of the Executive Committee of World Economic Forum Dr …