ECA signs €3m agreement with EU for one market

United Nations Economic Commission for Africa (ECA) and the European Union have signed a €3 million agreement aimed at supporting national implementation strategies for the continental free trade area.
The establishment of an African trade observatory is also planned, and will be a key pillar of the African Continental Free Trade Area.
The agreement was signed by Vera Songwe, ECA executive secretary, and Neven Mimica, EU commissioner for international cooperation and development.
Songwe also spoke at the high level segment of the Conference, which was holding on the theme: Taking development Cooperation on to the digital age. In her statement, she stressed the need for harmonization as part of the integration process.
“The SDGs demand that we take development to the digital age. We must also integrate the Continent digitally for a more diversified and prosperous Africa,” she said.

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The African Continental Free Trade Area (AfCFTA) is one of the key priorities of Africa´s Agenda 2063 and a flagship project for the continent. Signed by 49 African countries and 14 countries have ratified and 8 more are needed to reach the threshold of 22
The AfCFTA aims at providing a single continental market for goods and services, with free movement of people and investments. Its goal is to accelerate Intra-Africa trade through better harmonisation and coordination of trade liberalisation. Through these measures, the establishment of the AfCFTA is expected to gather impetus to boost economic growth and attract investments from both within Africa and the world. The EU has been supporting the AfCFTA negotiations processes since inception.

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By Bala Augie • December 24, 2018

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.