trading blocs

Question 1

What is AfCFTA

Answer 1

African Trade Bloc

Question 2

ratification

Answer 2

passed by nation’s parliament and in law

Question 3

signatory

Answer 3

signed up with intent to ratify but not yet law

Question 4

type of trade bloc

Answer 4

currently a FTA (Free Trade Area) = plans to become a customs union, then single market and then a monetary union

Question 5

GDP

Answer 5

supposed to boost intra-African trafe by 53% by 2022

Question 6

who in it?

Answer 6

Every single african nation apart from eritrea AND 48 have ratified it

Question 7

PROS

Answer 7

• strengthen bargaining power when negotiating bilateral agreements
• joint funding for infrastucture projects
• largest trade bloc in the world
• plans for future integration + 1991 treaty planned for an African Central Bank for 2028 + single currency by 2023

Question 8

how much do they currently trade

Answer 8

only 12.1% of total trade by african nations is with eachother = europe is 70%

Question 9

CPTPP

Answer 9

Pacific Partnership

Question 10

who’s in it?

Answer 10

new zealand, japan, canada, chile, australia, vietnam etc.

Question 11

trump did what?

Answer 11

trump signed executive order in jan 2016 removing US from TPP trade bloc

Question 12

what type of bloc?

Answer 12

free trade area

Question 13

account for how much trade?

Answer 13

accounts for 13% of global gdp trade (40% with the usa) + deal will cut tariffs and non-tariffs barriers

Question 14

UK applied to joing + became signatory in july 2023