Free trade

Free trade is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries. Free trade is exemplified by the European Economic Area and the North American Free Trade Agreement, which have established open markets. Most nations are today members of the World Trade Organization (WTO) multilateral trade agreements. However, most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or subsidies to exports. Governments may also restrict free trade to limit exports of natural resources. Other barriers that may hinder trade include import quotas, taxes, and non-tariff barriers, such as regulatory legislation.

Features of free trade

Free trade policies generally promote the following features:

Trade of goods without taxes (including tariffs) or other trade barriers (e.g., quotas on imports or subsidies for producers)

Trade in services without taxes or other trade barriers

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Free_trade

Latest News for: Africa free trade

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AfCFTA Will Increase Exports By $56 billion, GDP $44, Says UNECA

This Day 08 Dec 2019

Despite Nigeria’s concerns and reservations about the African Continental Free Trade Agreement (AfCFTA), the United Nations Economic Commission for Africa (UNECA) has predicted that if aptly harnessed, the agreement can boost Africa’s Gross Domestic Products (GDP) by $44 billion and exports by $56 billion....

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Policy think tank calls for passage of Competition Bill

Ghana Business News 07 Dec 2019

It added that Ghana signed, ratified and the hosting of the Africa Continental Free Trade Area (AfCFTA) Secretariat, and with the continent becoming a single market, it was important government ensured the passage of the bills to protect Ghanaian businesses from anti-competitive conducts from foreign players....

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Officials hail China-Africa engagement in promoting sustainable development

Xinhua 06 Dec 2019

With the operationalization of the Africa continental free trade area (AfCFTA), Muchanga has also noted that the Chinese proposed Belt and Road Initiative offers a great opportunity for Africa to develop its gigantic infrastructure projects and build transport networks linking different parts of the continent....

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Supporting policies and infrastructure crucial for effective implementation of AfCFTA

Modern Ghana 06 Dec 2019

For the African Continental Free Trade Area (AfCFTA) to have a positive influence on long-term ......

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Prospects for ECOWAS single currency, Monetary Union in 2020 uncertain – Ahmed

Business Day Online 06 Dec 2019

... inter border excesses because in the longer term, it is not only going to affect the Nigerian economy but the competitiveness of the entire region and this would weaken the potential benefit for our common market and of the Africa continental free trade agreement,” she explained....

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Nigeria, Cote d’Ivoire deepen commitment to AfCFTA

Ghana Business News 05 Dec 2019

Nigeria was one of the countries that took long to sign onto the Africa Continental Free Trade Agreement (AfCFTA). There were even suspicions in some cycles that it wasn’t going to sign, creating fears that the refusal of the largest economy in West Africa to sign to the historical agreement would be bad for the deal....

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UN agency urges economic transformation to generate sustainable jobs for Africa's burgeoning youth

Xinhua 04 Dec 2019

Elhiraika further emphasized that regional integration and the African Continental Free Trade Area (AfCFTA) are "a must for a prosperous Africa." ... But today we are proud to say, for example, that South Africa is the main trading partner for all countries in Southern Africa just as ......

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AU, Trademark East Africa Join Hands to Boost Intra-African Trade

All Africa 04 Dec 2019

... Area (AfCFTA) in selected Southern and Eastern Africa countries....

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The African continental free trade area and health financing in Nigeria

Business Day Online 04 Dec 2019

Fifty four African countries including Nigeria are signatory to the agreement establishing the African continental free trade area (AfCFTA) which came into force on May 30, 2019. Its objective is to increase intra-Africa trade with free movement of goods, services and people across borders....

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UAE investments into Africa to flourish says Standard Chartered exec

The National 03 Dec 2019

Improvements are being made to intra-Africa trade through agreements such as the East Africa Economic Community and Single African Air Transport Market but the most important is the Africa Continental Free Trade Area (AfCFTA), which will be the world's largest free trade area by number of countries once it’s fully up and running....

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AfCFTA to be x-rayed as Nigeria hosts national forum on historic agreement

Business Day Online 03 Dec 2019

The historic agreement provides an opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people, in a $2.5 trillion economic bloc, ushering in a new era of development....

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African businesses need to drive continent's free trade pact - FNB

Independent online (SA) 02 Dec 2019

"While a free trade Africa is by no means the silver bullet solution to the continent's youth unemployment challenge, it will almost certainly result in economies of scale, access to cheaper materials and business inputs, and enhanced regional value chains," Sivalingum said....

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Nollywood boom hints at needless FG’s protectionist policies

Business Day Online 02 Dec 2019

Protectionism refers to government actions and policies that restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition ... Nigeria’s move also contradicts why it is a party to the ECOWAS Treaty and the Africa Continental Free Trade Agreement (AfCFTA)....