Ahead of the implementation of the African Continental Free Trade Agreement, the Nigerian Institute of Chartered Arbitrators held a roundtable discussion on Friday, July 30, 2021 in collaboration with the Nigerian Chambers of Commerce Dispute Resolution Center and the National Action Committee for African Continental Free Trade Agreement. The discussion focused largely on the dispute […]
Ahead of the implementation of the African Continental Free Trade Agreement, the Nigerian Institute of Chartered Arbitrators held a roundtable discussion on Friday, July 30, 2021 in collaboration with the Nigerian Chambers of Commerce Dispute Resolution Center and the National Action Committee for African Continental Free Trade Agreement.
Speaking on the disputes settlement system under AfCTA, Professor Jonathan Aremu, a Professor of International Economic Relations, at Covenant University as well as a Consultant to ECOWAS pointed out that “Article 1 under the agreement defines dispute as a disagreement between State Parties. Although many have questioned the stall in domesticating the AfCFTA, the Nigerian Office of Trade Negotiations responded at the summit by revealing that it was working to put the framework in place as well as addressing the legal issues regarding the implementation of the agreement. This it said has given other bodies and associations the opportunity to dig out some lacunas of the agreement.
According to the data shared during the virtual conference, there are over six million SME’s in the country and less than fifty percent of them understand what AfCFTA is all about.
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