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Comorian President Azali Assoumani, who this year holds the presidency of the African Union, is committed to accelerating the construction of a large African trade zone free of customs duties in particular. Since its entry into force in 2021, the African Continental Free Trade Area is still far from its objectives
Comorian President Azali Assoumani, who this year holds the presidency of the African Union, is committed to accelerating the construction of a large African trade zone free of customs duties in particular. Since its entry into force in 2021, the African Continental Free Trade Area is still far from its objectives.
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The Comorian President explained that he made a mission to accelerate the construction of the African Continental Free Trade Area, which represents a great opportunity. The free trade zone, he said, would bring enormous benefits to Africa. It would also help countries outside of the region. For instance, he pointed out that Comoros, needs to create favourable investment conditions, so that investments are not limited to local areas, but can also flow to countries like Madagascar and Tanzania. This will create healthy competition within the African Continental Free Trade Area.
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With high customs duties, administrative hassles, and a lack of tax harmonization: trade between African countries remains complicated. According to a 2014 African Union study, shipping a vehicle from Japan to Ivory Coast would cost three times less than shipping the same vehicle from Ivory Coast to Ethiopia.
