Buhari signs instrument for establishment of African Trade Insurance Agency

President Muhammadu Buhari on Monday signed the instrument for the establishment of the African Trade Insurance Agency.

The Senior Special Assistant on Media and Publicity, Garba Shehu, disclosed this in a statement titled: “President Buhari signs instrument to enable African Trade Insurance Agency,” in Abuja.

He said President Buhari’s signing of the agreement followed the Federal Executive Council (FEC) directive to the Ministry of Justice to prepare the instrument and forward it to the president for execution.

The statement read: “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.

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“Recalling the economic objectives and aims of the African Union, 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.

“A memorandum from the Minister of Justice and Attorney-General, Abubakar Malami, stated that the request for the President’s signature on the agreement was sequel to the directive of the Federal Executive Council, that the instrument be prepared and forwarded for execution.

“The ratification was adopted at Grand Bay in the Republic of Mauritius on 18th May 2000. The object and purpose of the agency is to provide, facilitate, encourage and otherwise develop the provision of, or the support for, insurance, including coinsurance and reinsurance, guarantees, and other financial instruments and services, for purposes of trade, investment and other productive activities in African states in supplement to those that may be offered by the public or private sector, or in cooperation with the public or private sector.”

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