BUSINESS MAVERICK: SA vs Nigeria: Free trade agreement at risk

The ratification of the African Continental Free Trade agreement in May is the biggest thing to happen in Africa post colonialism, says Finance Minister Tito Mboweni.

The African Continental Free Trade Agreement has been signed by 54 of Africa’s 55 countries and ratified by 27, making it the largest trade group in the world since the formation of the World Trade Organisation. Signing an agreement and implementing the agreement are two different things, however, and navigating a route through the complexities created by trade nationalism and protectionism will not be easy, as SA’s experience with xenophobic violence clearly documents.

Standard Chartered bank, she notes, operates in 16 countries across Africa, and has done so in some cases for close to a century. She travels between these markets on a monthly basis, but still requires a visa for most countries.

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