As the new African Continental Free Trade Agreement (ACFTA) storms into effect, countries around the world appear to be strategically gearing up to take advantage of this new initiative.
On the other hand, different countries on the continent will have to joggle for the right of hosting the rush of foreign investment that is expected to greet the removal of tariffs on goods and services being traded on the continent.
It is in this light that the Finland Chamber of Commerce invited Dean Kofi Abotsi, a former Dean of the GIMPA Law School to address the business community of Finland on the various dynamics of the new trade deal.
Dean Abotsi stressed that the new trade deal will lead to an exponential growth in the annual turnover of trade among countries of the continent, emphasizing in this respect the new resolve of countries in Africa to deepen intra-continental commerce.
More importantly, he noted that the investment in the countries of Africa by exporting countries will no longer be an option but a practical necessity given the advantages offered by location.
The event saw many critical issues affecting trade raised including complicated subjects affecting rules of origin and dumping raised and discussed.
The lecture also focused on the developing base of supporting infrastructure on the continent as well as other structural and systemic prerequisites necessary for the effective implementation of a free trade zone in Africa including free movement of persons etc.
The event brought together more than fifty (50) Finnish companies.