African Continental Free Trade Agreement Text
In 1963, the Organization for African Unity (OAU) was established by the independent States of Africa. The objective of the OAU was to promote cooperation among African States. The Lagos Plan of Action of 1980 was adopted by the Organization. The plan suggested that Africa minimize its dependence on the West by promoting intra-African trade. This began with the establishment of a number of regional cooperation organizations in the different regions of Africa, such as. B the Southern African Development Coordination Conference. This eventually led in 1991 to the Abuja Treaty, which founded the African Economic Community, an organization that encouraged the development of free trade areas, unions, an African central bank and a common African monetary union.   On July 21, 2018, five other nations, including South Africa, signed the agreement. At the time, the Nigerian government stressed that its non-participation was a delay and not a withdrawal, and promised to sign the agreement soon.  As previously pointed out by the Minister of Foreign Affairs, the Nigerian government intended to continue to consult with local companies in order to obtain private sector agreement.  Several committees have been established for trade in goods, trade in services, rules of origin, trade measures, non-tariff barriers, technical barriers to trade, and sanitary and phytosanitary measures.  Dispute settlement rules and procedures are still under negotiation, but they likely involve the appointment of a dispute settlement body.  The Committee of Senior Trade Officials implements the Council`s decisions.
The Committee is responsible for developing programmes and action plans for the implementation of the AfCFTA agreement.  44 countries initially signed the agreement on March 21, 2018. Nigeria was one of 11 African Union nations that did not initially sign. . . .