FROM OUR TRADE/EXPORT DESK……
………AfCFTA
Africa is a Continent that has been blessed with resources abundant and
untapped; and each country does not have the monopoly of such resources
thus AfCFTA signing and coming into limelight.
The African Continental Free Trade Area (AfCFTA) has countless
opportunities for its people and the whole continent as a whole.
It can be seen steaming from its objectives which are highlighted below:
Enhancing Intra-African Trade
Economic Progress and Industrial development
Job formation and Poverty decrease
Investment magnetisms
Although AfCFTA aims to create a single market for goods and services
across 54 AU (Africa Union) member states, it is not without its own
unique challenges.
A key challenge is the lack of a supranational body to introduce and
enforce legislation.
Other challenges are:
Political instability in most countries
Inadequate infrastructures
Insufficient capacity
Non-Tariff Barries (NTB) such as licensing requirements, import
quotas and administrative procedures
The Significance of Legall Practitioners within the AfCFTA
framework:
Because of the diversities of culture and policies from one country to
another, it is very important, in fact extremely essential to involve legal
personnel when:
Negotiating and discussing trade between the parties who want to
engage in any trade under AfCFTA
Drafting the trade agreements where certain clauses that apply to
trades/ judiciary in countries concerned are adhered to and equally
addressed
Trying to comply with AfCFTA regulations and national laws. It is
unadvisable to try to navigate the laws without legal personnel
If dispute arises, legal personnels provide the right mechanisms for
resolving dispute that may arise, either through arbitration,
mediation or litigation.
Policy developments, corporate governance, merges and
acquisitions are not left out in the need of legal expertise
Navigating the terrains of customs duties and tariffs, Logistics T&C
etc
Exchanging or exporting Intellectual Properties. Addressing
Trademarks, patents and piracy is the high mark of Intellectual
Properties which require the expertise of legal personnel.
I can not conclude without mentioning the expertise of lawyers and how
they are required in FDI (Foreign Direct Investment). It is common
knowledge that as part of an investor’s due diligence, a lawyer is need
within the same community how much more when operating under the FDI