President Buhari signs African Trade Insurance Agency Instrument


President Muhammadu Buhari has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency.

The Agreement and the Agency are registered with the Secretariat of the United Nations in accordance with Charter of the United Nations and is cognizant of the fact that lack of adequate political, non-commercial and commercial risk insurance is a significant impediment to the availability of finance for investments in Africa and the expansion of African foreign trade and intra-Africa trade.

The Agency when executed will acknowledge previous multilateral efforts made by African states towards regional economic integration through co-operation in trade liberalisation and development so as to attain sustainable growth, promote economic activity and create an enabling environment for foreign trade, as well as cross-border and domestic investments.

Recalling the economic objectives and aims of the African Union, Buhari said there are  several African Treaties on regional economic integration, including the Treaty establishing the Common Market for Eastern and Southern Africa, the Treaty establishing the Southern African Development Community and the Treaty establishing the Economic Community of West African States.

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