Commencement of the AfCFTA. The landmark African Continental Free Trade Area (AfCFTA) is slated to go into force on July 1, 2020. When fully implemented, the trade agreement will eliminate tariff and non-tariff barriers, and substantially increase intra-regional trade to volumes worth over $3.3 trillion. Twenty-nine countries have deposited their instruments of ratification, and Eritrea
A Step Along the Road to a Legally Binding Treaty on Business and Human Rights
We reported following the 2017 UN Forum on Business and Human Rights on the progress of an international treaty on the subject. On 19th July 2018, the Open-ended Intergovernmental Working Group (OEIGWG) presented the draft text of a treaty to the High Commissioner for Human Rights (through the Permanent Mission of Ecuador, acting as Chair
Ten Key Issues to Watch in Africa in 2018
In this blog, Covington’s Africa practice highlights ten key issues to watch in Africa in 2018.
- U.S. Policy: The derogatory remarks that President Trump made about Africans and Haitians, which he denies having said, create a negative image for the U.S. across the region as the year begins. Nevertheless, the administration will push forward on
African Commission on Human and Peoples’ Rights: Demonstrating a Firmer Stance?
The African Commission on Human and Peoples’ Rights has issued a decision to hold the government of the Democratic Republic of the Congo responsible for the massacre of over 70 people in Kilwa, recommending: i) that the government provide compensation of US $2.56 million to eight victims and their families (the largest sum that the
Top 5 Business And Human Rights Concerns For Companies To Monitor
Businesses are being bombarded with information about their global human rights and other nonfinancial responsibilities, and are under growing pressure to publicize their efforts in that regard. Below we outline five key developments that business should be actively monitoring in a rapidly evolving landscape.
1.“Hard” Legal Obligations
Governmental efforts to force transparency are intended to
UK Rules Prompt Businesses to Report on Slavery in their Supply Chains
According to the 2016 Global Slavery Index, an estimated 45.8 million men, women and children around the world are ensnared in some form of modern slavery, which includes slavery, servitude, forced labor and human trafficking. Sub-Saharan Africa is particularly vulnerable to this scourge: Estimates of modern slavery in Sub-Saharan Africa accounted for approximately 14
Retail Distribution in Africa: Challenge and Opportunity
The economy in Sub-Saharan Africa continues to grow. A handful of the 10 fastest growing economies in the world are in Africa, it has the world’s greatest population of young people and the number of middle class consumers – estimated to be 350 million – is booming. With such a growing, promising market, comes great
Planning Ahead to Arbitration – Important Considerations for Investors
As foreign investment into Sub-Saharan Africa continues to grow, inevitably, so does the risk of disputes arising between commercial parties. The potential benefits of arbitration in settling a commercial dispute, including procedural flexibility and neutrality, are well known (read more from the ICC here). This post provides an introduction to the relevance
UN Leaders Advocate Channeling Investment into Development Needs
At a recent event focused on the promotion of investment in Africa, top UN officials lent their voices to a message that has gained a consensus of opinion: trade and investment are crucial to achieving the development objectives across the African continent. In remarks about the “dynamism and promise” of a continent where overall
IPOs on African Stock Exchanges: The Next Trend?
Opportunities for companies looking to go public in Africa are expanding. Whereas a decade ago, there were only a handful of African stock exchanges, there are now at least 23. While many of them remain relatively small and dominated by a few large companies, interest from both foreign and domestic companies is rising.
Historically,