Arab Finance: Egypt, in its capacity as chair of the Ministerial Council of Trade Ministers of the African Continental Free Trade Area (AfCFTA), has succeeded in reaching African consensus on the long-standing rules of origin for the apparel, textiles, and automotive sectors, following more than four years of negotiations, as per a statement.
The breakthrough was achieved through a transitional implementation mechanism during the 17th meeting of the African Trade Ministers Council, hosted by Cairo in September, and during the follow-up virtual meeting held in October.
Both sessions were chaired by Minister of Investment and Foreign Trade Hassan El-Khatib, within the framework of Egypt’s presidency of the Bureau of the Council of Ministers of Trade under the AfCFTA agreement.
The meetings resulted in the adoption of rules of origin for the remaining items in the ready-made garments and automotive sectors, alongside the development of a roadmap for completing the rules after a transitional phase.
Eight annexes to the Intellectual Property Protocol were also adopted in preparation for their submission to the upcoming African Union Summit.
El-Khatib noted that the meetings further endorsed several key frameworks supporting the implementation of the AfCFTA, including regulatory frameworks for the finance and telecommunications sectors under the Protocol on Trade in Services.
They also approved draft terms of reference for working groups on data protection and transfer, payments and digital identities, and emerging and advanced technologies under the Digital Trade Protocol.
In addition, the council adopted the internal regulations of the Committee of Heads of Competition Authorities, the formation and operational rules of the Continental Competition Court, and the establishment framework of the Continental Competition Network.
The action plan of national committees’ focal points for implementing the agreement was also approved.