Ivory Coast ⁣Adopts Order for African Free‌ Trade Area‍ Tariff Dismantling

ABIDJAN, Ivory Coast – The⁤ Ivorian government, under the leadership of President Alassane Ouattara, approved an order Wednesday to‍ implement tariff reductions on specific goods as part of the African Continental Free Trade Area (AfCFTA) agreement.

The decision, made ⁢during the Council of Ministers meeting in Abidjan, focuses on the dismantling of tariffs ⁣applied to non-sensitive products within the ⁣afcfta framework, according ⁤to a government press release.

Details of ​the Tariff Dismantling ​Order

The​ order outlines the specifics of price reductions​ for non-sensitive goods listed⁣ in⁤ the ECOWAS ​(Economic Community of West African States) offer. These products encompass 5,516 lines of the ECOWAS common external tariff, based on the 2017 version of the⁣ World Customs ⁢Association’s harmonized system for classifying goods.

according to the Council of Ministers, these “non-sensitive” products⁣ are those ‍deemed⁢ to have the least impact on food security, ⁢tax ⁢revenues, and the overall economic stability​ of signatory‍ countries.

The press release further detailed that the order establishes a gradual tariff reduction ⁤schedule. For each⁤ tariff line, ‌the plan involves ⁤an annual⁤ decrease of ‍one-tenth of the initial⁢ customs ‍duty ‌registered under the ECOWAS common external tariff. ‍This process will continue until ‌a zero​ customs rate is ​achieved over a 10-year ⁤period, in accordance with ‍the AfCFTA agreement.

The government ‍clarified that these tariff preferences are granted on a ⁣reciprocal basis and do⁣ not preclude ‌other ⁤adjustments related to ⁢the customs corridor.

Background on AfCFTA

Ivory Coast ratified the ⁤African continental ‍free Trade ⁣Area agreement in 2018.⁢ The AfCFTA aims to ⁤establish a single African market for goods and services, accelerating the continent’s economic integration.